Is there a reason why leasehold purchase conveyancing in Edgbaston costs more?
The conveyancing charges on a leasehold property in Edgbaston is inevitably greater than on a freehold transaction. This is due to the extra investigations required in corresponding with the freeholder and managing agents to obtain evidence about whether the rent and maintenance fee have been paid and whether there are any significant expenditure in the near future on repairs or maintenance of the building.
We are buying a end of terrace house in Edgbaston. We would like to carry out a loft conversion at the house.Will legal investigations on the property include checks to see if these works are allowed?
Your property lawyer will check the deeds as conveyancing in Edgbaston will on occasion identify restrictions in the title documents which prevent certain changes or require the permission of a 3rd party. Certain works call for local authority planning permissions and approval in compliance with building regulations. Certain locations are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. You should check these things with a surveyor before you commit yourself to a purchase.
It is unclear whether my bank requires a lease extension. I have called into my local Edgbaston bank branch on numerous occasions and was advised it wasn't an issue and they will lend. My Edgbaston conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend in accordance with their specific requirements. I have no idea who is right.
Your conveyancing practitioner has to comply with the CML Handbook section two conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am due to exchange contracts on my apartment. I had a double glazing fitted in February 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Virgin Money are being problematic. The Edgbaston solicitor who is on the Virgin Money conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Virgin Money are insisting on a building regulation certificate. Why do Virgin Money have a conveyancing panel if they don't accept advice from them?
It is probably the case that Virgin Money have referred the matter to their valuer. The reason why Virgin Money may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Will my lawyer be raising enquiries regarding flooding as part of the conveyancing in Edgbaston.
The risk of flooding is if increasing concern for lawyers dealing with homes in Edgbaston. Plenty of people will buy a house in Edgbaston, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Lawyers are not best placed to offer advice on flood risk, however there are a various searches that can be initiated by the buyer or by their solicitors which can give them a better appreciation of the risks in Edgbaston. The conventional set of property information forms sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the seller to find out if the premises has suffered from flooding. If the residence has been flooded in past and is not notified by the vendor, then a purchaser could commence a claim for damages stemming from an misleading answer. A purchaser’s solicitors may also order an enviro report. This will reveal if there is a recorded flood risk. If so, more detailed inquiries will need to be conducted.
I used Arc property Solicitors a few years past for my conveyancing in Edgbaston. Now, I need the documents however the law firm has closed. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Edgbaston of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Edgbaston differ for newly converted properties?
Most buyers of new build property in Edgbaston contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is finished. This is because builders in Edgbaston usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Edgbaston or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Edgbaston is the location of the property. What do you suggest?
Flying freeholds in Edgbaston are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Edgbaston you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Edgbaston may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.