In what way does my ID and proof of funds have anything to do with my conveyancing in Balsall Heath? What am I being asked for?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt reaffirm this. Your lender will also require certain documents to be viewed. Should you are unwilling to provide identification documents, your solicitor can not take you on as a client.
I am the single beneficiary of my late father’s will with all property in now in my sole name, including the house in Balsall Heath. Conveyancing formalities meant that the Land Registry date was in June. I want to move. I understand that there is a CML 6 month 'rule', meaning my proprietorship will be regarded the same way as though I had purchased the house in June. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. How sensible a view banks take of it, depend on the mortgage company as this clause primarily exists to pick up on subsales or the wholesaling and assigning of properties.
I have a mortgage with HSBC for my property in Balsall Heath. Conveyancing has been completed 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform HSBC?
You must advise HSBC before renting your property as this is likely to be a breach of HSBC’s mortgage conditions. It may be that HSBC will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact HSBC directly. You need not do this via a HSBC conveyancing panel lawyer.
After what seems like an age I have had an offer on a maisonette in Balsall Heath accepted, but there is a chain. The vendors have placed an offer on a flat, but it’s not yet agreed to, and have viewings of other flats in the pipeline. I have chosen a nearby conveyancing solicitor in Balsall Heath. What should be my next step? At what point do I apply for the mortgage with UBS?
It is normal to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx one thousand pounds, then survey, Balsall Heath conveyancing search costs, etc). The first thing to do is ensure that your conveyancing practitioner is on the UBS approved list. Concerning the next stages this very much depends on the uniqueness of your transaction, motivation for this property and on the state of the market. In a hot market some home buyers would apply for a home loan with UBS and arrange for the valuation and only if it was satisfactory would they pay their lawyer to press on with searches.
I have been told that property searches are the main reason for hinderance in Balsall Heath house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays in the conveyancing process. Searches are unlikely to be the root cause of delay in conveyancing in Balsall Heath.
We are 17 days into a leasehold purchase having been referred to a firm by the selling agent to carry out the conveyancing in Balsall Heath. We are not happy. Could you help me find new solicitors?
A lawyer would have to be very poor in order to consider changing them. Has the mortgage offer been sent? In the event that it has you will need to inform them of the replacement conveyancer and get the mortgage documents are issued to the new lawyers. Your solicitor ideally should be on the mortgage company approved list to avoid supplemental expenses and complications. That should be your starting point. Our find a solicitor tool should help you find a bank approved conveyancer for your home move in Balsall Heath
I have just appointed agents to market my 2 bed apartment in Balsall Heath. Conveyancing has not commenced, however I have just received a half-yearly maintenance charge invoice – Do I pay up?
It best that you discharge the invoice as you normally would as all rents and maintenance charges should be apportioned on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Balsall Heath Conveyancing for Leasehold Flats - A selection of Queries before buying
You should be aware that where the lease has less than eighty years it will affect the salability of the flat. It is worth checking with your lender that they are willing to lend given the lease term. A short lease means that you will probably have to extend the lease at some point and you need to have some idea of what this will be. Remember, in most cases you would be required to have owned the residence for 24 months in order to be eligible to exercise a lease extension. What is the maintenance charge and ground rent on the apartment? Does the lease contain onerous restrictions?