At what point will exchange of contracts occur in purchase conveyancing in Hagley and am I required to attend the solicitors branch?

Where you are in close proximity to one of the conveyancing solicitors in Hagley you are invited in to sign contracts. However, the lender approved solicitors we work with supply countrywide coverage for conveyancing and give as equally comprehensive and professional a job for you when dealing with you electronically. The signing of the sale agreement is not the critical part. A signed contract is necessary for the firm to officially exchange at the suitable time, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Hagley)to be in the office at the appropriate time.

I'm purchasing my first flat in Hagley benefiting from help to buy. The builders refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent suggested that I not reveal to my solicitor about this extras as it will jeopardize my loan with the lender. Is this normal?.

All lenders require a Disclosure of Incentives Form from the builder 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.

How straightforward is it to use your search facility to locate a conveyancing solicitor in Hagley on the panel for my bank?

1st choose a mortgage company such as Birmingham Midshires, Virgin Money or Alliance & Leicester then choose your location e.g. Hagley. Conveyancing firms in Hagley and nationally will then be shown.

I am tempted by the attractive purchase price for a couple of flats in Hagley which have approximately forty five years left on the leases. Do I need to be concerned?

There is no doubt about it. A leasehold apartment in Hagley is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of buyers and lenders, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Hagley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I purchased a basement flat in Hagley, conveyancing formalities finalised 6 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Hagley with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease finishes on 21st October 2093

With just 67 years unexpired we estimate the price of your lease extension to be between £10,500 and £12,000 as well as legals.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.

I need to find a mortgage company panel solicitor in Hagley. Can you assist?

Unfortunately it’s not apparent why you need a Hagley panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the lender to find out which solicitors in Hagley are on their panel . If you do find such a firm in Hagley not listed please direct them to our site to list. After all the cost is only one £1 a month