I can't travel far from Kings Heath. What is the rationale as to why all Kings Heath solicitors are not on all lender panels?
Lenders normally impose restrictions on either the nature or the number of conveyancing practices on their approved list of lawyers. Typical examples of such criteria being that the practice is required to have two or more partners. As well as restricting the type of firm, some banks for instance HSBC decided to restrict the size of their panel they permit to represent them. It is worth noting that lenders have no responsibility for the accuracy of service provided by any Kings Heath property lawyer on their approved list. Increases in mortgage fraud was the primary trigger for the culling of solicitor panels from 2008 notwithstanding that there are opposing opinions concerning the extent of solicitor involvement in some of that fraud. Statistics from HMLR reveal that thousands of conveyancing firms only transact a couple of conveyances a year. Those supporting conveyancing panel culls question why conveyancing firms should have any entitlement to remain on a lender panel when it is evident that conveyancing is not their speciality?
Last January we completed a house move in Kings Heath. We have since encountered a number of issues with the property which we consider were overlooked in the conveyancing searches. Do we have any recourse? Can you clarify the nature of searches that needed to have been carried out for conveyancing in Kings Heath?
It is not clear from the question as to the nature of the problems and if they are relate to conveyancing in Kings Heath. Conveyancing searches and due diligence initiated during the legal transfer of property are supposed to help avoid problems. As part of the process, a seller fills in a questionnaire called a Seller’s Property Information Form. answers provided is incorrect, you could possibly take legal action against the vendor for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Kings Heath.
About to place an offer on a leasehold flat in Kings Heath. The estate agents assure me that it is normal for flats in Kings Heath to have less than 75 years remaining. I am getting a mortgage with Accord Mortgages. Will the property be mortgageable given that the lease has Seventy One years unexpired.
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. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 22/4/2024 the requirements read as follows :
How does conveyancing in Kings Heath differ for new build properties?
Most buyers of new build residence in Kings Heath contact us having been asked by the builder to sign contracts and commit to the purchase even before the house is finished. This is because new home sellers in Kings Heath tend to acquire the real estate, 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 conveyancing solicitors 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 Kings Heath or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what should have been a simple, no chain conveyancing. Kings Heath is the location of the property. Can you offer any guidance?
Flying freeholds in Kings Heath are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Kings Heath you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Kings Heath may determine 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.
I am a negotiator for a busy estate agent office in Kings Heath where we have experienced a few flat sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Kings Heath conveyancing solicitors. Could you clarify whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Kings Heath Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
-
Is anyone aware of any major works in the near future that will add a premium to the service fees? Who takes charge for maintaining and repairing the block? How much is the annual maintenance fee and ground rent?