How does conveyancing in Fillongley differ for newly converted properties?

Most buyers of new build property in Fillongley come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Fillongley tend to acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Fillongley or who has acted in the same development.

Due to the input of my in-laws I had a survey completed on a property in Fillongley ahead of appointing solicitors. I have been advised that there is a flying freehold overhang to the property. The surveyor has said that some lenders tend not give a loan on such a premises.

It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. If you e-mail us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Fillongley. Conveyancing may be slightly more expensive based on your lender's requirements.

I need to retain a conveyancing solicitor for freehold conveyancing in Fillongley. I've chance upon a web site which looks to be the perfect solution If there is a chance to get all this stuff done via email that would be ideal. Should I be wary? What are the potential pitfalls?

As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?

Are there frequently found problems that you encounter in leases for Fillongley properties?

Leasehold conveyancing in Fillongley is not unique. All leases are individual and drafting errors can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:

A provision for the recovery of money spent for the benefit of another party.

You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Bank of Scotland, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.

I inherited a 1st floor flat in Fillongley, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Fillongley with over 90 years remaining are worth £191,000. The ground rent is £55 yearly. The lease runs out on 21st October 2078

With 53 years left to run we estimate the price of your lease extension to range between £27,600 and £31,800 as well as costs.

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 detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.

My step-son is about to join the property ladder, he had his mortgage in principle. One the seller agreed the offer on the house we contacted the mortgage company to move forward with his. I was disappointed to hear that banks do not accept all conveyancer, they must be on their panel, is this correct?

Mortgage Companies tend to imposes restrictions either the type or the number of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Fillongley conveyancing practitioner on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.