My wife and I are looking to buy a property in Aberbargoed and are in fact using a Aberbargoed conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Birmingham Midshires have this afternoon contacted us to advise us that they have now hit a problem as our Aberbargoed conveyancer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is usual for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Aberbargoed lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Do the conveyancing solicitors via your comparison service perform attended exchange conveyancing in Aberbargoed?
There are a few conveyancing experts who can conduct one day exchanges. Please contact us to secure a fee calculation and details as to dates.
Various web forums that I have visited warn that are the number one cause of hinderance in Aberbargoed house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays in the conveyancing process. Searches are not likely to feature in any slowing down conveyancing in Aberbargoed.
About to purchase a new build apartment in Aberbargoed. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Aberbargoed
Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I'm refinancing my existing house to a buy to let mortgage with The Royal Bank of Scotland and intend to use the remaining equity towards a second property. The location we are talking about is Aberbargoed. Will your lawyers be able to act for the two banks and tie in the transactions?
Do use our search tool on this page to be sure that the solicitors are approved by both lenders. Having checked that they are your conveyancer will be able to simultaneously deal with the two deals but you should have a chat with you solicitor and communicate your desired outcome and needs.
I've recently bought a leasehold property in Aberbargoed. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a 2 bed flat in Aberbargoed, conveyancing having been completed February 2012. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Aberbargoed with a long lease are worth £185,000. The ground rent is £65 invoiced annually. The lease finishes on 21st October 2083
With only 60 years left to run we estimate the price of your lease extension to be between £20,000 and £23,000 as well as plus your own and the landlord's "reasonable" professional fees.
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 comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.