My partner and I are purchasing a new build duplex in Ladywood and my solicitor is informing me that she has to the mortgage company to disclose incentives from the developer. I am nearing the developer’s deadline to exchange contracts and I have no desire to delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My lender has suggested a law firm on their panel based in Ladywood but I would rather choose a conveyancing lawyer in Ladywood or nearer to where I live. Can you help?
The minority of Ladywood conveyancing solicitors are approved and listed on all lender’s conveyancing panel. Use our find an approved solicitor tool to identify a Ladywood conveyancing solicitor on the on the mortgage company panel.
I am assisting my step-mother sell her house in Ladywood. Does the conveyancing solicitor order an EPC or do I organise this?
After the abolition of HIPs, energy assessments was left as a compulsory component of selling a property. An EPC must be commissioned prior to the property being placed on the market. It is not something that law firms normally organise. If you are instructing a Ladywood conveyancing practitioner they may be able to arrange energy performance certificates due to their contacts with long established Ladywood accredited person
I currently have a mortgage with Leeds Building Society for my property in Ladywood. Conveyancing was finalised 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Leeds Building Society?
Leeds Building Society must be informed of your intention before renting your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Leeds Building Society directly. It should not be necessary to do this via a Leeds Building Society conveyancing panel lawyer.
Having read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Ladywood solicitor - who is on the TSB conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Ladywood postcode. As you are getting a mortgage with TSB, you could contact them to see if they have a list of approved surveyors in Ladywood.
We are purchasing a house and the conveyancer has referenced Chancel Repair to which the house could be liable as it falls into the area of such a church. She has suggested insurance. Is this really required for conveyancing in Ladywood
Unless a previous acquisition of the premises took place after 12 October 2013 you could take it that lawyers delivering conveyancing in Ladywood to continue to propose a a chancel search and or chancel repair liability insurance.
Are there frequently found defects that you see in leases for Ladywood properties?
There is nothing unique about leasehold conveyancing in Ladywood. Most leases are unique and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
Clauses dealing with recovering service charges for expenditure on the building or common parts. Service charge per centages that don't add up correctly leaving a shortfall
You could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Bank of Scotland, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
Leasehold Conveyancing in Ladywood - Sample of Queries Prior to Purchasing
Please note that where the lease has no more than eighty years it will impact the salability of the property. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will probably have to extend the lease at some point and you need to have some idea of what this would cost. Remember, in most cases you will need to own the premises for two years in order to be legally able to extend the lease. Make sure you find out if there is anything that is prohibited in the lease. For example it is very common in Ladywood leases that pets are not permitted in certain buildings in Ladywood. If you like the flatin Ladywood but your dog is not allowed to make the move with you then you will be faced hard determination.
I am purchasing a flat mortgage free. My solicitor has been given with 2 separate proof of photo identification, bank statement, numerous utility bills. Now he wants a copy from a probate lawyer stating that the funds are legitimate and that it has come from inheritance and not dealing E's in Ibiza.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Ladywood conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.