My wife and I are hoping to buy a house in Grove Park and have instructed a Grove Park conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Birmingham Midshires have this evening contacted us to inform me that there is now an issue as our Grove Park lawyer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Grove Park lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Do the conveyancing practitioners highlighted through your ’find a lawyer’ tool carry out right to buy conveyancing in Grove Park?
We do have a number of conveyancing experts who can service right to buy conveyancing Do get in touch with the conveyancers listed in order to secure a costs illustration.
I acquired my house on 1 April and my personal details are still not registered. Should I be concerned? My conveyancing solicitor in Grove Park said it will be concluded in a couple of weeks. Are transfers in Grove Park particularly slow to register?
As far as conveyancing in Grove Park registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timescales can differ according to the party submitting the application, whether there are errors and whether the Land registry need to notify any other parties. Currently in the region of 80% of such applications are fully addressed in less than three weeks but some can be subject to extensive hold-ups. Historically registration takes place once the buyer is living at the property so an expedited registration is not typically an essential issue but if it is urgent that the the registration takes place urgently then you or your conveyancer must communicate with the Registry to express the reasoning for the application to be prioritised.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one close by in Grove Park I like with amenity areas and station in the vicinity, however it's only got 49 remaining years left on the lease. There is not much else in Grove Park suitable, so just wondered if I would be making a mistake buying a short lease?
Should you require a home loan the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
In sourcing the internet for the term cheap conveyancing in Grove Park it brings up numerous solicitorsin the area. With so much choice what is the best way to find the suitable conveyancing solicitor for me?
The best way of choosing a suitable conveyancer is via personal referral, so seek the guidance of colleagues and relatives who have purchased a property in Grove Park or a respected estate agent or financial adviser. Costs for conveyancing in Grove Park differ, so it's a good idea to request a minimum of three fee calculations from varying types of property lawyers. Make sure that you know that the costs are guaranteed not to to be inflated.
I own a leasehold flat in Grove Park. Conveyancing was finished in 2011. I have been told that I should not let the lease length get too low. Why is that a problem?
Grove Park leasehold properties are for a prescribed term - normally just under one hundred years when they are first granted. However many flats in Grove Park were constructed or converted in the 60’s and so these leases now have under eighty years remaining. That may sound like a long time however Banks, Building Societies and other mortgage institutions generally need leases to have a minimum of seventy five years left to adequate security. Accordingly when you come to sell the property you will need to extend the term of your lease if you are nearing eighty years. To increase the saleability of your property you should be considering whether to extend your lease long before you come to sell it. You should note that there are significant benefits to taking action before the lease hits 80 years as when the lease falls below eighty years the amount to be paid to extend starts to increase.