My wife and I have recently purchased a house in Ladywood. We have noticed several problems with the property which we consider were missed in the conveyancing searches. What action can we take? What searches should? have been carried out as part of conveyancing in Ladywood?
It is not clear from the question as what problems have arisen and if they are unique to conveyancing in Ladywood. Conveyancing searches and due diligence initiated during the legal transfer of property are carried out to help avoid problems. As part of the legal transfer of property, a property owner fills in a questionnaire known as a Seller’s Property Information Form. If the information turns out to be inaccurate, you could possibly take legal action against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Ladywood.
My aunt passed away 10 months ago and as sole heir and executor I was left the property in Ladywood. The house had a relatively small loan left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Lloyds, pay off the mortgage. Is this possible?
If you plan to refinance then Lloyds will insist on your using a conveyancer on the Lloyds conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Lloyds conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Lloyds mortgage is registered as a charge at the Land Registry.
I happen to be the single recipient of my late mum's will with all property in now in my sole name, including the house in Ladywood. The Ladywood property was put into my name in November. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', which means that my property ownership will be considered the same way as if I'd bought the house in November. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. How practical a view mortgage companies take of it, depend on the mortgage company as this requirement is principally there to pick up on the purchase and immediately sell or the flipping of property.
Two weeks ago we had a mortgage agreed in principle with Co-operative. Ladywood conveyancing practitioners are appointed. What is the average time that one could expect to receive a mortgage offer from Co-operative?
Some lenders take longer than others. Have Co-operative done the survey? Have you advised Co-operative as to your lawyers' details and checked that your lawyers are on the Co-operative conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I'm spending time looking at apartments in Ladywood and I am about to put in an offer. Is it premature to have a solicitor in place? I will be getting a mortgage with Bank of Ireland.
It would be sensible to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. As you are seeking a mortgage with Bank of Ireland, ask your prospective lawyers if they are on the Bank of Ireland conveyancing panel otherwise they can't do the mortgage legal work.
I am buying a new build apartment in Ladywood. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Ladywood
Please confirm the Lease plans are surveyor prepared. There must be mutual enforceability of lessee’s covenants. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply a car parking plan. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one close by in Ladywood I like with a park and railway links in the vicinity, however it's only got 49 years unexpired on the lease. I can't really find anything else in Ladywood for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan the remaining unexpired lease term will be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.