Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Selly Oak. My lender is Virgin
Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 18/7/2021, the requirements read as follows :
How does conveyancing in Selly Oak differ for newly converted properties?
Most buyers of new build residence in Selly Oak approach us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is completed. This is because developers in Selly Oak tend to acquire 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 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 used to new build conveyancing in Selly Oak or who has acted in the same development.
I need to instruct a conveyancing solicitor for remortgage conveyancing in Selly Oak. I've land on a web site which appears to be the ideal offering If it is possible to get all formalities completed via email that would be preferable. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I work for a busy estate agent office in Selly Oak where we have witnessed a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Selly Oak conveyancing firms. Please can you clarify whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as 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.
Selly Oak Leasehold Conveyancing - Examples of Queries before buying
The answer will be important as a) areas could result in problems in the block as the communal areas may start to deteriorate if services are not paid for b) if the leaseholders have an issue with the running of the building you will want to know about it What is the maintenance charge and ground rent on the property? Is anyone aware of any major works in the near future that will increase the maintenance costs?
I dont have enough spare money to pay a 10% deposit on my flat purchase in Selly Oak , but I am anxious proceed. What can I do?
You can agree a smaller deposit. Many sellers will accept a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment