I am expecting a mortgage with Santander. I intend to use a Licensed Conveyancer in Locks Heath. Does the Santander Solicitor panel allow for conveyancers regulated by the CLC?
The Santander approved solicitor list is, like many other lenders, associated to the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I have an AIP. The lender mentioned the loan came with free conveyancing. Is the implication that I have to use their panel conveyancer as I would much rather instruct a Locks Heath based conveyancing firm?
You should check but the the probability is that allocate you one of their panel solicitors where you take up the "fee-free" deal. Call the bank and explore if they offer you a monetary alternative. In the past a few lenders offered a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor in Locks Heath.
Me and my brother purchased a renovated Georgian house in Locks Heath. Conveyancing solicitor acted for me and Barclays Direct. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, another for leasehold under the matching address. Is it worth asking Barclays Direct to clarify?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Locks Heath and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with the conveyancing lawyer who conducted the conveyancing.
How does conveyancing in Locks Heath differ for new build properties?
Most buyers of new build premises in Locks Heath approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is constructed. This is because house builders in Locks Heath typically purchase 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 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 accustomed to new build conveyancing in Locks Heath or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Locks Heath before retaining conveyancers. I have been advised that there is a flying freehold overhang to the property. The surveyor has said that some banks will refuse to give a mortgage on such a premises.
It varies from the lender to lender. Bank of Scotland has different instructions from Nationwide. If you call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Locks Heath. Conveyancing will be smoother if you use a solicitor in Locks Heath especially if they are acquainted with such properties in Locks Heath.
In relation to leasehold conveyancing in Locks Heath what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Locks Heath. All leases are unique and legal mistakes in the legal wording can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
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Insurance obligations Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, The Royal Bank of Scotland, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.
I bought a garden flat in Locks Heath, conveyancing was carried out March 2000. Can you work out an approximate cost of a lease extension? Corresponding properties in Locks Heath with over 90 years remaining are worth £192,000. The ground rent is £55 per annum. The lease terminates on 21st October 2079
You have 54 years left to run we estimate the price of your lease extension to span between £32,300 and £37,400 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.