we are a couple who intend to purchase a 1 bedroom apartment in Selly Oak with a homeloan from Barclays .We like our Selly Oak conveyancing lawyer but Barclays informed us her practice is not listed on their "panel". we are left little option but to use a Barclays panel lawyer or keep our preferred solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; Can we not simply insist that Barclays use our lawyer?
Unfortunately,no. The mortgage issued to you is subject to its terms and conditions, one of which will be that solicitors must be on the Barclays conveyancing panel. in the past, most banks had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Barclays
Are there restrictive covenants that are commonly identified as part of conveyancing in Selly Oak?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Selly Oak. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Selly Oak differ for newly converted properties?
Most buyers of new build property in Selly Oak contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is completed. This is because developers in Selly Oak usually acquire 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 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 used to new build conveyancing in Selly Oak or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one round the corner in Selly Oak I like with a park and railway links nearby, the downside is that it only has 51 years on the lease. I can't really find anything else in Selly Oak suitable, so just wondered if I would be making a mistake buying a short lease?
If you need a home loan the remaining unexpired lease term will be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and then assign 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 lawyer regarding this matter.
Is it best to appoint a Selly Oak conveyancing lawyer in close proximity to the house I am hoping to buy? An old friend can deal with the legal formalities but his firm is located over three hundred kilometers drive away.
The benefit of a high street Selly Oak conveyancing practice is that you can drop in to sign documents, present your ID and pester them if necessary. They will also have local intelligence which is a plus. That being said it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and they were impressed that must outweigh using an unfamiliar Selly Oak conveyancing solicitor just because they are based in the area.