Me and my wife are purchasing a maisonette in St Athan. My Solicitor is not listed on the lender approved panel. Am I still permitted to continue with my St Athan conveyancing solicitor notwithstanding that they are excluded from the bank list of approved lawyers?
You must have a lawyer to complete the formalities when you require a mortgage to purchase your property. They will carry out all the relevant legal checks on the property, make sure that you will be properly registered as the owner and ensure that all the necessary mortgage documentation is dealt with. You may instruct a St Athan property lawyer of your choice. However, if the lawyer selected is not a member of the lender conveyancing panel additional costs will be incurred as separate legal representation will be required by them. Bank panel applications may be submitted, so provided your lawyer has not in the past sought membership they should take the opportunity to apply.
We have very pushy sellers who has recommended a preliminary agreement with a down payment of 5k. Is it wise to enter into such agreements?
There are a couple of main downsides with entering into any lock out agreement (sometimes known as a no-shop agreement) is that it diverts attention away from making progress with the conveyancing process, so in the absence of it needing limited or no negotiation then it may transpire to be unhelpful. It is not particularly popular by St Athan conveyancing solicitors as a result. The other main issue is the extent of the remedies available - a jilted purchaser is very unlikely to obtain injunctive relief to bar the owner completing the sale to another buyer, so the only remedy available under the agreement will be the recovery of abortive costs and, in limited situations, the additional payment of penalties.
I am considering applying for a Clydesdale mortgage for purchase of a new build (under development) in St Athan with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Clydesdale ?
There is nothing to stop you using your solicitor, but Clydesdale will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
My relative advised me that if I am purchasing in St Athan I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes included in the estimate for your St Athan conveyancing searches. It is a large report of about 40 pages, listing and setting out significant information about St Athan around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the St Athan Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, St Athan Education with maps and statistics, Local Amenities and other useful data concerning St Athan.
I am hoping to exchange soon on a ground floor flat in St Athan. Conveyancing lawyers have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in St Athan should include some of the following:
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Setting out your legal entitlements in relation to the communal areas in the building.For example, does the lease provide for a right of way over a path or hallways? Whether the lease restricts you from renting out the property, or having a home office for business Rent payments - what is due and when you need to pay, and be on notice if this will change in the future You should have a good understanding of the insurance requirements Are pets allowed in the flat?
I bought a garden flat in St Athan, conveyancing formalities finalised June 2009. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in St Athan with over 90 years remaining are worth £206,000. The ground rent is £45 levied per year. The lease runs out on 21st October 2093
With only 67 years unexpired we estimate the price of your lease extension to span between £10,500 and £12,000 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
My partner and I have AIP from HSBC Bank who have advised that they will loan up to £300k. When do we need to appoint a solicitor for conveyancing? St Athan is where we plan to move to.
It would be wise to appoint a conveyancer now so that the solicitor can open the file so they can commence the AML checks etc. If and when you wish them to start work you will be asked for a payment on account normally approximately £225. That would normally be once you have the mortgage offer and survey results, but if you want to expedite matters you can start quicker albeit risking some money.