We wanted to use a property lawyer in Hall Green for our house purchase. Our financial adviser informed us that our bank Birmingham Midshires won't deal with them. Why is this not regarded as unfair competition?
Mortgage Companies in the main restrict either the type or the volume of conveyancing firms on their approved list of lawyers. A common example of such criteria being that a firm must have two or more partners. In addition to restricting the profile of firm, some have decided to limit the number of solicitor practices they permit to act for them. Be aware that Birmingham Midshires have no responsibility for the quality of advice provided by any member of Birmingham Midshires Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels since 2008 even though there are mixed views regarding the level of solicitor engagement in some of that fraud. Figures from the Land Registry indicate that plenty of law firms, including some in or near Hall Green only execute a couple conveyances per annum.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a quick, chain free conveyancing. Hall Green is where the house is located. Can you shed any light on this issue?
Flying freeholds in Hall Green are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hall Green you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hall Green may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
In scouring the web for the words conveyancing in Hall Green it brings up many solicitorsin the vicinity. How do I determine which is the right property lawyer for my move?
The best method of seeking the right conveyancer is through a trusted recommendation, so enquire of colleagues and family who have bought a property in Hall Green or the local estate agent or mortgage broker. Charges for conveyancing in Hall Green differ, so it's a good idea to request at least four estimates from varying types of conveyancers. Make sure that you know that the costs are assured not to increase.
What are your top tips when it comes to appointing a Hall Green conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Hall Green conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you talk with several firms including non Hall Green conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be helpful:
If they are not ALEP accredited then what is the reason?
I invested in buying a basement flat in Hall Green, conveyancing formalities finalised in 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Hall Green with over 90 years remaining are worth £171,000. The average or mid-range amount of ground rent is £50 yearly. The lease expires on 21st October 2101
With 79 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
Our estate agent has suggested using their property lawyer for our conveyancing in Hall Green - won’t it be advisable to just instruct them?
It is worth checking if the selling agent is recommending a solicitor or introducing to a property lawyer. There are plenty of Hall Green estate agents who recommend two or three Hall Green conveyancing firms purely based on those lawyers offering a great service.