As a first time buyer what is the most important number one tip you can impart about purchase conveyancing in Kings Norton?
Not many law firms or advisers will tell you this but conveyancing in Kings Norton or throughout England and Wales is often a confrontational experience. Put another way, when it comes to conveyancing there is an abundance of room for friction between you and others involved in the house moving process. E.g., the seller, selling agent and sometimes the lender. Selecting a lawyer for your conveyancing in Kings Norton is a critical decision as your conveyancer is your adviser, and is the ONE party in the legal process whose interest is to protect your legal interests and to keep you safe.
Every so often a third party with a vested interest will attempt to convince you that it is in your interests to do things their way. For instance, the estate agent may claim to be helping by suggesting your solicitor is slow. Or your mortgage broker may try to convince you to do something that is against your solicitors advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
I am the sole beneficiary of my late mum's will and I have everything in my name alone, including the house in Kings Norton. The Kings Norton property was put into my name in August. I now wish to sell up. I understand that there is a CML 6 month 'rule', meaning my property ownership will be treated the same way as though I had purchased the house in August. Will no one buy the property for half a year?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. many banks would take a sensible view as this provision is primarily there to identify the purchase and immediately sell or the wholesaling and assigning of properties.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Kings Norton bank branch on numerous occasions and was told it wasn't an issue and they would lend. My Kings Norton conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they would not lend in accordance with their published requirements. Who do I believe?
Provided that the conveyancing practitioner is on the bank panel, she or he must adhere to the CML Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Our offer on a semi in Kings Norton has been accepted, but there is a chain. The vendors have offered on a property, however it’s not been accepted yet, and are looking at other properties booked. I have chosen a nearby conveyancing solicitor in Kings Norton. What should be my next step? When should I get the mortgage application with Barclays going?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx £1k, then valuation, Kings Norton conveyancing search fees, etc). The first course of action is to ensure that your conveyancing practitioner is on the Barclays approved list. Concerning the subsequent phase this very much depends on the circumstances of your transaction, motivation for the property and on the state of the market. In a buoyant market some purchasers will apply for the mortgage with Barclays and arrange for the valuation and only if it comes back ok would they pay their conveyancing practitioner to proceed with the conveyancing in Kings Norton.
3 months have elapsed since my purchase conveyancing in Kings Norton took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a flat up to £245,000 and identified one near me in Kings Norton I like with amenity areas and transport links in the vicinity, however it's only got 61 remaining years left on the lease. I can't really find anything else in Kings Norton suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage that many years will likely be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing 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. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
At long last our conveyancing in Kings Norton is set to complete on Friday, however the vendors I am purchasing off wishes to move out the next day at afternoon. Do I agree to such a plan?
You can't complete on a Saturday due to the bank systems aren't working.