The conveyancer who assisted with my former purchase has sent a quote for just over a thousand pound for leasehold conveyancing in Edgbaston. I am hoping to sell a purpose built property for £200,000. Are the quoted fees excessive? Is it above the average fee for conveyancing in Edgbaston?
The charges are a little high. If you are prepared to invest time contrasting costs you may be able to get the conveyancing a bit cheaper by as much as a hundred pounds. That being said, you maylive to regret choosing an a cheaper solicitor. Don't forget to be sure that the firm can act for your lender. Do utilise our search tool to locate a Edgbaston conveyancing practice on the banks approved list of lawyers which can often include conveyancing solicitors in Edgbaston.
The Edgbaston conveyancing solicitors that I appointed last week on my purchase in Edgbaston have suddenly shut down. I only went with them because I needed a lawyer on the RBS conveyancing panel and my family Edgbaston lawyer was not. I paid them money in advance. What do I do now?
If you have an estate agent involved then let them know straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the RBS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to assist.
three months have gone by since my purchase conveyancing in Edgbaston concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying a new build house in Edgbaston benefiting from help to buy. The sellers refused to move on the price so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not reveal to my solicitor about this extras as it would jeopardize my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I have been on the look out for a ground for flat up to £245,000 and found one close by in Edgbaston I like with open areas and railway links in the vicinity, the downside is that it's only got 49 years on the lease. There is not much else in Edgbaston in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan the shortness of the lease will likely be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.