I am the sole beneficiary of my late mum's will with all property in now in my sole name, including the house in Dorridge. The Dorridge property was put into my name in January. I plan to dispose of the house. I understand that there is a Mortgage Lenders six month 'rule', which means that my property ownership will be considered the same way as though I had purchased the house in January. Is the property unsalable for six months?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. many mortgage companies would take a sensible view as this obligation primarily exists to identify the purchase and immediately sell or the quick reselling of property.
I am expecting a OIP from Coventry BS this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Coventry BS recommend any Dorridge solicitors on the Coventry BS conveyancing panel, or is it better to go independently?
You will need to appoint Dorridge solicitors independently although you'll need to choose one on the Coventry BS conveyancing panel. The solicitor represents both you and Coventry BS through the process.
I was told two weeks ago that my mortgage has been agreed to by Principality. Is it usual for Principality to only issue the offer once my solicitor in Dorridge is approved on their conveyancing panel? Principality have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Principality to deal with your lawyer's application to be on the Principality conveyancing panel. There's no guarantee that your solicitor will be accepted.
I used Wolstenholmes a few years ago for my conveyancing in Dorridge. I now require my papers but the law firm is no longer operating. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Dorridge of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I opted to have a survey completed on a house in Dorridge before appointing solicitors. I have been told that there is a flying freehold element to the property. Our surveyor advised that some banks will not grant a loan on a flying freehold property.
It depends who your proposed lender is. Santander has different instructions for example to Nationwide. If you call us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Dorridge. Conveyancing may be slightly more expensive based on your lender's requirements.
I am tempted by the attractive purchase price for a two maisonettes in Dorridge both have about forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Dorridge. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease deteriorates and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this field.
I purchased a garden flat in Dorridge, conveyancing formalities finalised June 2005. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Dorridge with an extended lease are worth £186,000. The ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2073
With just 52 years unexpired we estimate the price of your lease extension to be between £29,500 and £34,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
Please specify the differing property law services that Dorridge conveyancing organisations handle?
The majority of Dorridge conveyancing companies will supply various services to residential and agricultural land proprietors, sellers, investors, freeholders and leaseholders which may include:
Home sale conveyancing in Dorridge or throughout the rest of the country
Property purchase conveyancing in Dorridge and further afield
Property issues arising from relationship breakdown. Property investment and purchasing to Let Missing landlord applications by leaseholders to acquire their freehold Freeholds or leaseholds involving unregistered titles