I have just started taking steps with the intention of switching my current residential loan to a BTL Nottingham Building Society mortgage. I have been informed by my broker that I require a solicitor for this. I spoke to my previous Great Barr conveyancing firm who who conducted the conveyancing when I initially bought the property. The fee estimate issued of £450 plus VAT has shocked me as I am not require purchase conveyancing - it’s simply a bog-standard refinance.
The quote is fractionally on the expensive side. Where you are happy to invest time contrasting charges you might get the conveyancing a bit cheaper by perhaps a hundred pounds. On the other hand, if you were content with the assistance the firm offered you mightlive to rue choosing an an untested lawyer. Remember to check that the solicitor can also act for Nottingham Building Society. You can make use of our search tool to select a Great Barr conveyancing firm on the Nottingham Building Society approved list of lawyers, which can often include conveyancing solicitors in Great Barr.
My partner and I are getting closer to an exchange on a house in Great Barr and my mum and dad have transferred the ten percent deposit to my property lawyer. I am now advised that as the deposit has not come from me my property lawyer needs to make a notification to my mortgage company. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I advised the lender regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
The solicitor is legally required to check with the bank to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I decided to have a survey carried out on a property in Great Barr in advance of instructing conveyancers. I have been informed that there is a flying freehold aspect to the house. My surveyor has said that some lenders tend not grant a mortgage on this type of property.
It varies from the lender to lender. Santander has different instructions for example to Halifax. If you call us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Great Barr. Conveyancing will be smoother if you use a solicitor in Great Barr especially if they regularly deal with such properties in Great Barr.
Can you provide any top tips for leasehold conveyancing in Great Barr from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Great Barr can be avoided where you instruct lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ solicitors. If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Great Barr leases often stipulate that internal structural alterations or installing wooden flooring require a licence issued by the Landlord consenting to such changes. Should you fail to have the paperwork to hand you should not communicate with the landlord without contacting your lawyer in advance. If you hold a share in a the Management Company, you should ensure that you hold the original share document. Organising a replacement share certificate is often a time consuming process and delays many a Great Barr home move. If a reissued share is necessary, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity. You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. It is therefore essential at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.
I purchased a 1 bedroom flat in Great Barr, conveyancing was carried out in 2011. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Great Barr with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 per annum. The lease ends on 21st October 2084
With just 64 years left to run the likely cost is going to range between £14,300 and £16,400 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should 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 take any other action placing reliance on this information before getting professional advice.
Me and myhusband and I are searching for an affordable conveyancing solicitor in Great Barr to buy a apartment. I am aware of the risk of getting ripped off and there are many Great Barr conveyancing firms to pick from...who's the best?
To get quotes for your move from the conveyancing firms that provide services in Great Barr please make the most of our quote tool.