We're in Locks Heath, FTBs buying with a mortgage (lender is Aldermore , and our solicitor is on the Aldermore conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Aldermore conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Me and my partner are buying a apartment in Locks Heath. I might seem paranoid but how we can trust a conveyancer? On the day of competition we will need to put our life savings into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Are all Locks Heath Conveyancing Quality Solicitors on the Lloyds conveyancing list of approved solicitors?
A selection of banks and building societies now utilise the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of firms.
The formalities of my remortgage has taken place for my property in Locks Heath. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
I have been on the look out for a ground for flat up to £245,000 and found one close by in Locks Heath I like with a park and station in the vicinity, however it's only got 51 years on the lease. There is not much else in Locks Heath suitable, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage the shortness of the lease may be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
I have been pointed in your direction by numerous estate agents in Locks Heath to find a solicitor using your seach tool. Is there a financial upside for Estate Agents to offer your site over and above another?
We don’t make any commission for pointing buyers and sellers our way. We thought it would be too underhand to pay a commission as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
I am 18 days into a leasehold purchase having been recommend to a firm by the high street agent to perform conveyancing in Locks Heath. I am not happy. Can you you assist me in finding new conveyancers?
A lawyer would have to be very bad to suggest diss instructing them. Has your loan offer been sent? If so you need to inform them of the new contact details and have the loan are issued to the new lawyers. Your new conveyancer needs to be on the mortgage company panel to avoid escalating costs and frustration. So that should be your starting point. Our find a solicitor tool can help you find a lender approved solicitor for your conveyancing in Locks Heath
I am a negotiator for a long established estate agency in Locks Heath where we have witnessed a number of leasehold sales put at risk as a result of short leases. I have received contradictory information from local Locks Heath conveyancing firms. Please can you confirm whether the seller of a flat can start 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. The benefit of this is that the buyer can avoid having 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 before, or at the same time as completion of the sale.
Alternatively, it may be possible 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 buyer.
I inherited a leasehold flat in Locks Heath, conveyancing formalities finalised 3 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Locks Heath with over 90 years remaining are worth £186,000. The ground rent is £55 charged once a year. The lease ceases on 21st October 2074
You have 53 years unexpired we estimate the price of your lease extension to range between £27,600 and £31,800 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.