My partner and I are looking to purchase a house in Kingswood and have instructed a Kingswood conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Birmingham Midshires have this morning contacted us to advise us that there is now an issue as our Kingswood conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is usual 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 Quality Scheme. Your solicitor should contact your lender 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 and you may continue to use your own Kingswood solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
I am considering applying for a Lloyds mortgage for purchase of a newly converted (under development) in Kingswood with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Lloyds ?
In theory, you could use a solicitor that is not on the Lloyds conveyancing panel, but Lloyds would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
What will a local search inform me regarding the property we're purchasing in Kingswood?
Kingswood conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search organisations such as Onsearch The local search plays a central part in most Kingswood conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your property. The search should supply data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
Over the last few months I have been searching for a flat up to £245,000 and identified one near me in Kingswood I like with amenity areas and station nearby, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Kingswood in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
How simple is it to switch firm as I need to appoint one who is on the Clydesdale conveyancing list. I instructed a family conveyancing solicitor in Kingswood five minutes from me but he is not approved by Clydesdale
It would be our pleasure to assist you select a conveyancing solicitor in Kingswood on the Clydesdale panel. Please note that the conveyancers that we work with do not pay us fee if you instruct them and are authorised and regulated by the Solicitors Regulation Authority who regulate all conveyancing solicitors in Kingswood. In utilising search facility on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Kingswood.
I am hoping to sign contracts shortly on a studio apartment in Kingswood. Conveyancing solicitors assured me that they are sending me a report on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Kingswood should include some of the following:
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You need to be informed what counts as a Nuisance as far as the lease is concerned Where does the liability rest for maintaining the window frames Information as to the provision as set out in the lease to pay service charges - with regard to both the building, and the wider rights a tenant enjoys It needs to be made clear to you whether the lease permits you to add or improve anything in the property- you must be made aware as to whether it relates to all alterations or limited to structural alteration, and whether licences for alterations is required The landlord’s rights to access the flat. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided.
I own a split level flat in Kingswood, conveyancing having been completed February 2003. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Kingswood with over 90 years remaining are worth £176,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2103
With only 79 years remaining on your lease we estimate the premium for your lease extension to range between £7,600 and £8,800 as well as legals.
The figure 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 due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.