Why do I have to pay up front for conveyancing in Kings Heath?
If you are buying a property in Kings Heath your lawyer will ask you place them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. When the deposit is as part of the sale price then this will be asked for immediately in advance of exchange of contracts. The closing balance that is needed will be payable shortly before completion.
Do the Building Society Association intend to launch a online directory to list solicitors on the Melton Mowbray Building Society conveyancing panel for instance in Kings Heath?
We are not aware of any intention on the part of the BSA to develop such a tool.
Should my lawyer be raising enquiries about flooding as part of the conveyancing in Kings Heath.
The risk of flooding is if increasing concern for lawyers dealing with homes in Kings Heath. There are those who buy a property in Kings Heath, fully aware that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Conveyancers are not qualified to give advice on flood risk, however there are a number of checks that may be undertaken by the purchaser or by their solicitors which will figure out the risks in Kings Heath. The standard information supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a standard question of the owner to determine whether the premises has ever been flooded. If flooding has previously occurred and is not disclosed by the vendor, then a purchaser may issue a legal claim for losses resulting from an inaccurate response. The purchaser’s solicitors may also carry out an environmental search. This should reveal whether there is any known flood risk. If so, further investigations should be conducted.
I am purchasing my first flat in Kings Heath with a loan from Clydesdale. The builders refused to reduce the price so I negotiated £7000 of extras instead. The house builders rep suggested that I not disclose to my lawyer about this deal as it could impact my mortgage with the bank. 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.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one near me in Kings Heath I like with amenity areas and station in the vicinity, however it only has 61 years on the lease. There is not much else in Kings Heath in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan that many years may be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.