We are intending to purchase a 1 bedroom apartment in Harborne with a mortgage. We wish to retain our Harborne solicitor, but the lender says she’s not on their "panel". It appears that we have no option but to appoint one of the bank panel firms or retain our Harborne conveyancing practitioner as well as pay for one of their panel ones to act for them. We consider that this is inequitable; are we not able to demand that the lender use our Harborne conveyancing practitioner ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Harborne conveyancing solicitor to apply to be on the conveyancing panel.
I am buying a semi-detached house in Harborne. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Harborne you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Harborne.
How does conveyancing in Harborne differ for new build properties?
Most buyers of new build property in Harborne come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because house builders in Harborne usually purchase the land, 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 conveyancers 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 used to new build conveyancing in Harborne or who has acted in the same development.
I am in need of some leasehold conveyancing in Harborne. Before I set the wheels in motion I want to be sure as to the remaining lease term.
Assuming the lease is registered - and most are in Harborne - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I invested in buying a studio flat in Harborne, conveyancing having been completed 8 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Harborne with over 90 years remaining are worth £202,000. The ground rent is £60 invoiced annually. The lease comes to an end on 21st October 2077
With 56 years unexpired we estimate the premium for your lease extension to range between £29,500 and £34,000 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
Why is New Build conveyancing in Harborne more costly?
Conveyancing in Harborne for newly converted or new build premises can sometimes involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as supplemental investigations and contractual concerns.