My wife and I are acquiring a newly constructed flat in Rednal and my lawyer is advising me that she has to the mortgage company to disclose incentives from the seller. I am nearing the developer’s deadline to sign contracts and my preference is not to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am considering applying for a RBS mortgage for purchase of a newly converted (under development) in Rednal with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for RBS ?
There is nothing to stop you using your solicitor, but RBS will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I have todayfound out that Arc property Solicitors have been shut down. They carried out my conveyancing in Rednal for a purchase of a leasehold flat 10 months ago. How can I be sure that my home is registered correctly in the name of the previous owner?
The easiest method to check if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Rednal conveyancing specialists.
How does conveyancing in Rednal differ for newly converted properties?
Most buyers of new build premises in Rednal approach us having been asked by the builder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Rednal usually purchase 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 accustomed to new build conveyancing in Rednal or who has acted in the same development.
I have been sourcing a conveyancing lawyer in Rednal for my sale. Is it possible to see a firm’s record with the legal regulator?
Anyone may see published Solicitor Regulator Association (SRA) decisions stemming from inquisitions started on or after 1 January 2008. Go to Check a solicitor's record. To find information Pre 2008, or to check a solicitors history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, call +44 (0)121 329 6800. The regulator sometimes recorded telephone calls for training requirements.
What are your top tips when it comes to choosing a Rednal conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Rednal conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Rednal conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be useful:
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How experienced is the practice with lease extension legislation? What are the costs for lease extension conveyancing?
I invested in buying a 1st floor flat in Rednal, conveyancing formalities finalised April 2008. How much will my lease extension cost? Similar properties in Rednal with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 yearly. The lease comes to an end on 21st October 2082
With 57 years left to run we estimate the premium for your lease extension to span between £28,500 and £33,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range 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 investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.