At what point will exchange of contracts take place for residential conveyancing in Aberystwyth and am I required to attend the solicitors branch?
Where you are local to one of the conveyancing solicitors in Aberystwyth you are welcome to attend to sign contracts. That being said, the lender approved solicitors we recommend provide countrywide coverage for conveyancing and give just as detailed and professional a job for you when dealing with you electronically. The executing of the contract is not the important part. Signing on the dotted line simply enables the conveyancer to officially exchange at the appropriate time, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Aberystwyth)to be in the office available at the end of the phone to exchange contracts.
Completion of my purchase has taken place for my property in Aberystwyth. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Most lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. Ordinarily complaints to a lender are sorted out very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Aberystwyth bank branch on various occasions and was told it does not affect the mortgage offer and they will lend. My Aberystwyth conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend based on their specific requirements. Who do I believe?
Provided that the conveyancing practitioner is on the bank panel, they must comply with the Council of Mortgage Lenders’ Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am due to exchange contracts on my apartment. I had a double glazing fitted in March 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, TSB are being pedantic. The Aberystwyth solicitor who is on the TSB conveyancing panel is recommending indemnity insurance as a solution but TSB are insisting on a building regulation certificate. Why do TSB have a conveyancing panel if they don't accept advice from them?
It is probably the case that TSB have referred the matter to their valuer. The reason why TSB may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
The estate agent has sent us the confirmation of our purchase of a new build flat in Aberystwyth. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Aberystwyth
The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please supply a car parking plan. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. There must be mutual enforceability of lessee’s covenants. Forfeiture - bankruptcy or liquidation must not apply under this provision.
I have been on the look out for a ground for flat up to £305k and identified one round the corner in Aberystwyth I like with a park and station in the vicinity, the downside is that it only has 49 years on the lease. There is not much else in Aberystwyth for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will likely be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
I've found a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Aberystwyth. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Aberystwyth ?
Most houses in Aberystwyth are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. It is clear that you are purchasing in Aberystwyth in which case you should be shopping around for a Aberystwyth conveyancing practitioner and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your lawyer will advise you fully on all the issues.
Aberystwyth Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to buying
Most Aberystwyth leasehold apartments will incur a service bill for maintenance of the block set on behalf of the freeholder. If you acquire the flat you will have to pay this liability, normally quarterly during the year. This can differ from two or three hundred pounds to thousands of pounds for large purpose-built blocks. In all likelihood there will be a rentcharge for you to pay yearly, this is usually not a large sum, say approximately £50-£100 but you need to enquire as on occasion it could be many hundreds of pounds. Best to be warned whether fixing the lift or some other significant cost is due in the near future to be shared amongst the leasehold owners and will materially impact the level of the service charges or result in a one time invoice. It would be a good idea to investigate if there is anything that is prohibited in the lease. For example some leases prohibit pets being permitted in certain buildings in Aberystwyth. If you love the flatin Aberystwyth but your cat can’t move with you then you will be faced hard decision.
At what point do I pay stamp duty payable for my Aberystwyth house purchase?
The solicitor should fill out a stamp duty return on your behalf during your Aberystwyth conveyancing transaction for signature. On completion your solicitor will submit your STL Return Form to the Tax Authorities and - as long as they have the funds - settle any tax bill liability on your behalf.