Can conveyancing in Redditch to be done within a month?
Where you are under a tight deadline for your conveyancing we would recommend that your lawyer is familiar with the area as they will have local contacts and know-how. It is even conceivable that they may have transacted previoushomes in the same road. You would be best advised to use a Redditch conveyancing firm. Second, ensure that the conveyancing firm is on the lender panel. It is claimed that nearly one in five of Redditch conveyancing transactions are frustrated or derailed after finding out that a purchaser’s lawyer was not on their mortgage lender’s panel. In many cases this discovery resulted in the legal process being delayed by almost three weeks. It is estimated that this issue affects approximately one hundred thousand home sales annually. Almost all Redditch conveyancing firms can not act for certain lenders so do check as early as possible.
How does conveyancing in Redditch differ for newly converted properties?
Most buyers of new build premises in Redditch approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is finished. This is because developers in Redditch usually buy the site, 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 conveyancing solicitors 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 Redditch or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Redditch before appointing lawyers. I have been told that there is a flying freehold element to the property. Our surveyor has said that some mortgage companies tend refuse to give a mortgage on a flying freehold home.
It depends who your proposed lender is. Santander has different requirements for example to Nationwide. Should you wish to telephone us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Redditch. Conveyancing may be slightly more expensive based on your lender's requirements.
I am a negotiator for a busy estate agency in Redditch where we see a few flat sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Redditch conveyancing firms. Could you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Redditch Leasehold Conveyancing - Sample of Questions you should ask before Purchasing
What restrictions exist in the Redditch Lease? The prefered form of lease arrangement is if the freehold title is owned by the leaseholders. In this scenario the lessees have control and even though a managing agent is usually employed if the building is larger than a house conversion, the managing agent acts for the leaseholders themselves. How long is the Lease?
We today become aware that one of the partners of the law firm undertaking the purchase conveyancing in Redditch is an aunty of the seller. Is this allowed?
Provided there is no conflict of interest this is permitted. If you are obtaining mortgage finance then the lender may have a say as many lenders have specific requirements concerning this. For example for Yorkshire Building Society as of 9/2/2019, the requirements read as follows :
* there is no conflict of interest and none arises during the transaction
* the firm is a partnership
* the conveyancer acting is not the borrower or a member of the borrower's immediate family