Do the conveyancing practitioners Indexed on your site conduct auction conveyancing in Ladywood?
There are a few niche lawyers we can put you in touch with those specialising in auction conveyancing. Ladywood is one of our locations where our lawyers have offices.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Ladywood. My lender is The Mortgage Works
The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 10/10/2021, the requirements read as follows :
It has been 3 months following my purchase conveyancing in Ladywood took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Ladywood differ for newly converted properties?
Most buyers of new build premises in Ladywood approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is built. This is because developers in Ladywood usually acquire the site, 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 Ladywood or who has acted in the same development.
I have been recommended by a number of estate agents in Ladywood to select a property lawyer on your site. Is there a financial upside for Estate Agents to market your site over a competitor’s?
We refuse to give any referral fee for sending work our way. We found it would be just too difficult a fee as home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am looking at a couple of flats in Ladywood both have in the region of 50 years unexpired on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Ladywood is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of purchasers and banks, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Ladywood conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Ladywood Leasehold Conveyancing - Examples of Questions you should ask Prior to buying
Does the lease contain onerous restrictions? Generally speaking the outlay for major works tend not to be included within service charges, albeit that a few managing agents in Ladywood ask tenants to pay into a reserve fund created for the specific purpose of building a fund for larger repairs or maintenance. The prefered form of lease structure is a share of the freehold. In this situation the leaseholders benefit from being in charge if their destiny and even though a managing agent is frequently retained if the building is larger than a house conversion, the managing agent employed by the leaseholders.