Should conveyancers ask for money on account for conveyancing in Castle Vale?
If you are buying a property in Castle Vale your solicitor will request that you put them with monies to cover the the cost of the conveyancing searches. Generally this is needed to cover the fees of the Local Authority Search. When the deposit is payable against the sale price then this will be needed shortly ahead of contracts are exchanged. The final balance that is due will be payable shortly before completion.
About to place an offer on a leasehold apartment in Castle Vale. The estate agents tell me that it is standard for flats in Castle Vale to have less than 75 years left on the lease. I am obtaining a loan with Virgin. Is this going to be a problem if the lease has 70 years left.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 17/4/2024 the requirements read as follows :
I have a mortgage with Lloyds for my property in Castle Vale. Conveyancing was finalised 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Lloyds?
Your original mortgage agreement with Lloyds will provide that you need their approval in advance of renting your property as this is likely to be a breach of Lloyds’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Lloyds directly. It should not be necessary to do this via a Lloyds conveyancing panel solicitor.
I recently had an offer agreed on a house in Castle Vale. My mortgage broker pressured me to appoint their property lawyer. I paid an upfront payment of £150. A couple of days later, the conveyancer contacted me embarrassingly acknowledging that they were not on the RBS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the RBS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Yorkshire BS have agreed my home loan in principle, my offer on a house in Castle Vale has been accepted, what happens next?
Your estate agent will need to know who your solicitors are (ensure that the lawyers are on the bank’s approved list). Telephone Yorkshire BS or the financial adviser and finish off any outstanding documentation. Yorkshire BS will instruct a valuer who will get in touch with the estate agent or vendor to schedule a time for the valuation to take place. Once carried out (assuming no problems) it takes about a week to receive the mortgage offer. Yorkshire BS will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Castle Vale.
I am buying my first flat in Castle Vale with a mortgage from The Mortgage Works. The developers refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative suggested that I not reveal to my lawyer about this deal as it would put at risk my loan with The Mortgage Works. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking to sell my property. My past solicitors have shut. It would be helpful to have a recommendation of a conveyancing firm. I happen to live in Castle Vale if that makes a difference.
Do use our search tool to help you find a solicitor for your conveyancing in Castle Vale. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move goes smoothly.
Expecting to sign contracts shortly on a leasehold property in Castle Vale. Conveyancing lawyers have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Castle Vale should include some of the following:
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if lease caters for for a slush fund for major repairs? Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? The total ownership of the premises. This could be the flat itself but could also incorporate a loft or cellar if relevant. specifics of the parties to the lease, e.g. these could be the (you), superior lessor, landlord
I acquired a 2 bed flat in Castle Vale, conveyancing having been completed August 2002. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Castle Vale with a long lease are worth £227,000. The average or mid-range amount of ground rent is £50 levied per year. The lease terminates on 21st October 2096
With just 72 years left to run we estimate the price of your lease extension to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.