I am buying residence in Walsall. My property lawyer is not on the mortgage company approved panel. Am I still permitted to use my Walsall conveyancing solicitor even though they are not on the lender panel?
You have a number of options available to you here
- Proceed with your chosen Walsall conveyancing practitioner but your lender will no doubt instruct a solicitor from their conveyancing panel. This will result in additional cost together with likely delay.
- Appoint a new lawyer to conduct the conveyancing, making sure they are on the mortgage company conveyancing panel.
- Convince your conveyancing practitioner to do everything possible to join the lender’s panel of solicitors
I have given 2 months notice to my existing landlord and must be out of my rented property in Walsall by the end of next month. Conveyancing for my house purchase is underway. Can I complete in six weeks as I wish to avoid having to find short term accommodation?
It is unwise to provide notice for your letting unless you have exchanged. If you have not previously done so, contact to your solicitor and request that they cajole the sellers lawyers, try to an acceptable time-line that everyone will look to achieve
In what way does my ID and proof of funds have anything to do with my conveyancing in Walsall? Is this really warranted?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to verify the identification documents of the potential client they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you are required to sign will no doubt stipulate this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Where you are unwilling to provide identification documents, your lawyer would not be able to act for you.
I need some quick conveyancing in Walsall as I am under pressure to complete inside 2 weeks. A mortgage is not required. Is it possible to decline from having conveyancing searches to save fees and time?
If.Given you are are a cash buyer you have the choice not to have searches conducted although no conveyancer would suggest that you don't. Drawing on our experience of conveyancing in Walsall the following are examples of issues that can appear and adversely impact future saleability: Enforcement Actions, Overdue Fees, Overdue Grants, Road Schemes,...
How does conveyancing in Walsall differ for new build properties?
Most buyers of new build residence in Walsall contact us having been asked by the builder to sign contracts and commit to the purchase even before the house is ready to move into. This is because developers in Walsall tend to buy the land, 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 property lawyers 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 Walsall or who has acted in the same development.
I am looking at a couple of apartments in Walsall which have in the region of 50 years unexpired on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Walsall is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. For most purchasers and banks, leases with less than eighty years become less and less marketable. On a more upbeat 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 Walsall 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
I inherited a studio flat in Walsall, conveyancing formalities finalised 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Walsall with a long lease are worth £265,000. The average or mid-range amount of ground rent is £50 levied per year. The lease finishes on 21st October 2101
With 76 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 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 are not able to advice on a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.