My solicitor has discovered a defect with the lease for the property we are purchasing in Birmingham. The seller’s lawyers have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor says that he must ensure that the mortgage company is happy with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
Are the BSA intent on creating a searchable register to list solicitors on the Melton Mowbray Building Society conveyancing panel for instance in Birmingham?
Lexsure has not been advised of any intention on the part of the BSA to promote such a register.
Can you help - my lawyer says that lack of right of way insurance is necessary on my purchase. What is the level of cover for Birmingham conveyancing?
The right level of lack of right of way indemnity insurance should be dictated by who who your lender is. It would differ for example between Halifax and The Mortgage Works. Conveyancing lawyers as opposed to borrowers take out such policies.
How can we tell if a Birmingham conveyancing solicitor on the Skipton panel is any good?
When it comes to conveyancing in Birmingham getting recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the solicitor handling your conveyancing.
Our offer on a property in Birmingham has been accepted, but there is a chain. The owners have put an offer on on an apartment, but it’s not yet agreed to, and are looking at other apartments booked. I have instructed a local conveyancing solicitor in Birmingham. What should be my next step? When should I get the mortgage application with Aldermore started?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then valuation, Birmingham conveyancing search costs, etc). First, you must check that your conveyancer is on the Aldermore conveyancing panel. Concerning the next steps this very much depends on the circumstances of your transaction, motivation for this property and on the state of the market. During a rising market the majority of home buyers would apply for a home loan with Aldermore and arrange for the valuation and only if it was satisfactory would they ask their lawyer to press on with the conveyancing in Birmingham.
I have just started marketing my basement flat in Birmingham. Conveyancing solicitors are to be appointed soon, however I have recently had a yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the invoice as usual as all ground rent and service payments should be allotted on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless 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.
I inherited a garden flat in Birmingham, conveyancing having been completed in 2005. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Birmingham with a long lease are worth £175,000. The average or mid-range amount of ground rent is £65 per annum. The lease terminates on 21st October 2077
With just 58 years unexpired the likely cost is going to range between £23,800 and £27,400 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 without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the bank conveyancing panel. My lawyer has said that they are on the lender approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the lender conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the bank solicitor panel.