I have just started taking steps with the aim of changing my current homeowner loan to a Buy to Let Leeds Building Society mortgage. I have been informed by my broker that I need a lawyer for this. I got in contact with my previous Stourbridge conveyancing firm who who completed the conveyancing when I previously bought the premises. The costs illustration e-mailed to me of £470 has shocked me as I am not require purchase conveyancing - it’s simply a straightforward remortgage.
The quote is fractionally on the high side. If you shop around you might get the conveyancing a bit cheaper by say a hundred pounds. That being said, if you were content with the assistance the firm provided you maylive to regret opting for an an untested conveyancer. If is important to check that the conveyancer can represent Leeds Building Society. Do utilise our search tool to get a quote a Stourbridge conveyancing firm on the Leeds Building Society member panel, which can often include conveyancing solicitors in Stourbridge.
We are planning to acquire a flat and need a conveyancing solicitor in Stourbridge who is on the Barclays conveyancing panel. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Barclays . We don't recommend any particular firms conducting conveyancing in Stourbridge.
I have 70 years remaining on my lease and require a lease extension for my apartment in Stourbridge. Conveyancing solicitors on the Nationwide Building Society panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 18/4/2019 the requirements read as follows :
Report to the issuing office if the lease term is shorter than that stated on the offer and has less than 100 years remaining. (There is no requirement to report if the lease term is lower than that stated on the offer but still has 100 years or more to run, or if the lease term is longer than that stated on the offer).
NEW BUILD PROPERTIES (includes office conversions)
The following are not acceptable:
- The unexpired lease term is less than 125 years on a new build flat or 250 years on a new build house (does not apply to Shared Ownership)
- Starting ground rent is more than 0.1% of the property value
The lease must be amended to comply with the above. If not the case cannot proceed. Please advise us where the case cannot proceed.
Ground rents and event fees:
Ground rent and other event fees must be reasonable at all times during the lease term. For example, it is acceptable for ground rent escalation to be linked to RPI (Retail Price Index) or a similar index and where this is the case we do not need to be advised. However, unreasonable multipliers of ground rent will not be permitted, for example, doubling every 5, 10 or 15 years. These must be referred to us and we will advise if our mortgage offer remains valid. If you are unsure as to whether the terms of a lease are unreasonable, please refer the details to us.
Will my conveyancer be asking questions concerning flooding during the conveyancing in Stourbridge.
Flooding is a growing risk for solicitors dealing with homes in Stourbridge. Some people will purchase a property in Stourbridge, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, however there are a number of searches that can be initiated by the purchaser or on a buyer’s behalf which will give them a better appreciation of the risks in Stourbridge. The conventional set of information supplied to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the owner to determine if the premises has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the seller, then a purchaser may bring a legal claim for losses as a result of such an inaccurate reply. A purchaser’s lawyers will also order an environmental search. This will higlight if there is any known flood risk. If so, additional inquiries should be initiated.
Do I need to be suspicious by brokers that I am dealing with are suggesting a national conveyancing firm rather than a local Stourbridge conveyancing practice?
As is the case with lots of professional services, often recommendations from family and friends can be worth their weight in gold. But there are lots of people with a keen interest in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies may suggest lawyers to choose. Sometimes the solicitors might be known to one of the organisations as one of the best in their field, but sometimes there might be a financial incentive behind the endorsement. You have the discretion to choose your own conveyancer. However, bear in mind that most lenders specify a panel list of solicitors you have to use for the mortgage aspect of your conveyancing.