I am expecting a mortgage offer from Lloyds. I intend to instruct a Licensed Conveyancer in Kings Norton. Does the Lloyds Solicitor panel exclude Licensed Conveyancers?
The Lloyds conveyancing panel is, like many other lenders, represented by the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
The Kings Norton conveyancing firm handling our Kings Norton conveyancing has uncovered a discrepancy when comparing the surveyor’s assumptions in the home valuation report and what is revealed within the title deeds. My lawyer has advised that he needs to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my lawyer’s approach right?
Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I require expedited conveyancing in Kings Norton as I have an ultimatum to exchange contracts within 3 weeks. Thankfully I do not need a mortgage. Can I decline from having conveyancing searches to save fees and time?
If.Given you are not getting a mortgage you are at free not to do searches although no law firm would recommend that you don't. With lots of history conveyancing in Kings Norton the following are examples of what can appear and adversely impact market value: Enforcement Notices, Overdue Charges, Overdue Grants, Unadopted Roads,...
How does conveyancing in Kings Norton differ for newly converted properties?
Most buyers of new build or newly converted property in Kings Norton contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Kings Norton 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 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 Kings Norton or who has acted in the same development.
Can you provide any top tips for leasehold conveyancing in Kings Norton with the intention of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Kings Norton can be reduced if you instruct lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the buyers’ solicitors. Many landlords or Management Companies in Kings Norton levy fees for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Kings Norton. Some Kings Norton leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share document. Arranging a replacement share certificate is often a lengthy process and slows down many a Kings Norton home move. Where a duplicate share is required, you should approach the company officers or managing agents (if relevant) for this sooner rather than later.
I bought a basement flat in Kings Norton, conveyancing formalities finalised 3 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Kings Norton with an extended lease are worth £265,000. The ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2097
With only 76 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
I happen to be an executor of my recently deceased aunt’s Will, with a house in Kings Norton which is to be sold. The property is unregistered at HMLR and I'm told that many buyers solicitors will insist that it is completed before they will proceed. What's the mechanism for this?
In the circumstances that you have set out it seems prudent to apply to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. The Land Registry’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and certified copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.