My husband and I are purchasing a 1 bedroom flat in Aberaeron with a mortgage. We have a Aberaeron conveyancer, however the mortgage company says she’s not on their "panel". We have to appoint one of the lender panel solicitors or keep our Aberaeron conveyancing practitioner and pay for one of their panel ones to act for them. This seems very unfair; can we not insist that the mortgage company use our Aberaeron property lawyer ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose 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 Aberaeron conveyancing lawyer to apply to be on the conveyancing panel.
Our conveyancer has uncovered a defect with the lease for the property we are purchasing in Aberaeron. The other side have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer says that he must be satisfied that the lender is content with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the mortgage company are the client. These conveyancing instructions have to be complied with.
We are getting the release of further monies on our mortgage from Santander as we want to carry out alterations to our property in Aberaeron. Do we need to choose a nearby Aberaeron solicitor on the Santander conveyancing panel to handle the paperwork?
Santander would not normally appoint firms on their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Santander conveyancing panel.
I'm at the point of looking at houses in Aberaeron and I am now considering a potential offer. Should I already have a property lawyer in place at this stage? I will be getting a mortgage with Principality.
It would be prudent to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. As you are obtaining a mortgage with Principality, make sure you remember to check that your lawyer is on the Principality conveyancing panel.
I have a mortgage with Santander for my property in Aberaeron. Conveyancing has been completed a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Santander?
You must advise Santander prior to letting out your property as this is likely to be a breach of Santander’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Santander directly. You need not do this via a Santander conveyancing panel lawyer.
Should commercial conveyancing searches reveal proposed roadworks that could affect a commercial land in Aberaeron?
Many commercial conveyancing solicitors in Aberaeron will conduct a SiteSolutions Highways report as it reduces the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Aberaeron. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Aberaeron.
For each commercial conveyancing transaction in Aberaeron it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can result in delays to Aberaeron commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not ordered for residential conveyancing in Aberaeron.
Are there restrictive covenants that are commonly picked up during conveyancing in Aberaeron?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Aberaeron. 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…’
I work for a busy estate agent office in Aberaeron where we see a few flat sales derailed due to short leases. I have been given inconsistent advice from local Aberaeron conveyancing firms. Please can you clarify whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner 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. 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 prior to, or simultaneously with completion of the sale.
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.
I own a 2 bed flat in Aberaeron, conveyancing formalities finalised 8 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Aberaeron with an extended lease are worth £206,000. The ground rent is £45 charged once a year. The lease terminates on 21st October 2091
With just 67 years remaining on your lease we estimate the premium for your lease extension to range between £10,500 and £12,000 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.