I had intended to instruct a conveyancing solicitor in Langland for our house purchase. Our broker informed us that our bank Birmingham Midshires won't deal with them. Surely this is unduly restrictive?
Before the recession most mortgage companies had an appetite for risk which was higher than today. Almost all Langland conveyancing firms would have been on many bank panels. The financial services regulator in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms concerning their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum number of conveyancing. Many Langland conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Langland is amongst the many locations where the solicitors we list are are approved Birmingham Midshires.
How does conveyancing in Langland differ for new build properties?
Most buyers of new build residence in Langland approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is completed. This is because house builders in Langland tend to buy 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 accustomed to new build conveyancing in Langland or who has acted in the same development.
I have been on the look out for a ground for flat up to £235,500 and found one round the corner in Langland I like with amenity areas and railway links nearby, the downside is that it's only got 61 years unexpired on the lease. There is not much else in Langland in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you need a home loan that many years will be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
If all goes to plan we aim to complete the disposal of our £125,000 garden flat in Langland in 8 days. The landlords agents has quoted £372 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Langland?
Langland conveyancing on leasehold flats usually requires the purchaser’s solicitor sending enquiries for the landlord to answer. Although the landlord is not legally bound to answer such questions the majority will be willing to do so. They may invoice a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The administration charge invoiced by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, otherwise the invoice is technically not due. Reality however dictates that you have no option but to pay whatever is requested of you if you want to complete the sale of your home.
Leasehold Conveyancing in Langland - Examples of Questions you should ask Prior to Purchasing
Are there any major works anticipated that will likely add a premium to the maintenance charges? Are any of leasehold owners in dispute over their service charge payments? Its a good idea to find out as much as you can about the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to every day issues like the upkeep of the common parts. Don't be afraid to ask other tenants whether they are happy with their management. On a final note, find out the dates that the service charges are due to the relevant party and specifically how they are spending the funds.
I pay a service charge for my property in Langland. Due to redundancy and other issues I slipped behind with payments. The management company agreed a clearance plan but there is still around £3000 left to be paid.
I want to sell and I am concerned this can hold me back if I have to pay off the arrears now. Do I have to settle before - is this achievable?
It would be wise to check with the lawyer handling your Langland conveyancing but it may be possible to arrange for the outstanding amount to be attributed to the purchasers. The sale price they pay would be adjusted to reflect the amount of debt they take on. They would then pay the arrears once they are the owners.