Would the conveyancing lawyers listed on your site execute conveyancing in Balsall Heath by way of an attended exchange?
There are a few conveyancing specialists carrying out one day exchanges. Please contact us to obtain a fee calculation and details as to dates.
In what way does my ID and proof of funds have anything to do with my conveyancing in Balsall Heath? Is this really necessary?
Balsall Heath conveyancing solicitors as well as nationwide property lawyers throughout the UK have an obligation under money laundering regulations to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to produce two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and evidence of address (typically a Bank Statement no older than three months).
Evidence of source of funds is also required under the money laundering statutes as conveyancers are required to investigate that the funds you are using to buy a property (whether it be the deposit for exchange or the total purchase amount where you are a cash purchaser) has come from legitimate source (such as an inheritance) as opposed to the fruits of illegitimate activity.
I'm purchasing my first flat in Balsall Heath with the aid of help to buy. The builders refused to move on the price so I negotiated £7000 of fixtures and fittings instead. The sale representative advised me not inform my lawyer about the deal as it could jeopardize my loan with Chelsea Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a flat up to £195,000 and identified one close by in Balsall Heath I like with a park and station in the vicinity, however it only has 52 years unexpired on the lease. There is not much else in Balsall Heath suitable, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan the remaining unexpired lease term will be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
I am employed by a long established estate agent office in Balsall Heath where we have experienced a few leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Balsall Heath conveyancing firms. Can you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.
I bought a split level flat in Balsall Heath, conveyancing formalities finalised December 2002. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Balsall Heath with over 90 years remaining are worth £201,000. The ground rent is £45 invoiced annually. The lease ceases on 21st October 2084
With just 65 years remaining on your lease the likely cost is going to span between £13,300 and £15,400 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously 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.