The owners of the home we are purchasing have instructed a conveyancing solicitor in Bedwas who has recommended a lock out contract with a payment of 5k. Are such contracts generally advanced for Bedwas conveyancing transactions?
This form of arrangement isn't common in Bedwas, conveyancers are not keen on them as they divert attention from the main conveyancing focus and if you end up losing your deposit then the lawyer at best left with an upset client and at worst a litigious one. Secondly, there is no guarantee that just because the proprietor has signed an exclusivity agreement they will sell to you. They may be in contravention of the contract if they receive a big enough financial inducement to do so because a wronged purchaser with the benefit of a lockoutcontract will still have to show losses as a consequence of the breach and these may not equate the extra amount that the owner may secure by breaking the agreement, no matter how morally condemnable that may be.
Have just purchased a probate house at auction in Bedwas. Conveyancing is necessary. What is next?
Now that you have to all intents and purposes signed on the dotted line you now have to hire the services of a conveyancing lawyer as a matter of priority as you now have a fast approaching deadline in which to complete the property. An auction property will have an associated auction set of papers. This will likely include most,if not all of the paperwork that your solicitor requires. Where you are dealing with leasehold premises the legal pack may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to a leasehold property. You need to hand this to your appointed conveyancing solicitor as soon as possible. Do make sure that that you have the requisite funding organised to complete on the on the contractual date .
I have paid off my mortgage with Virgin Money. I assume I don't need a Bedwas property lawyer on the Virgin Money panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Virgin Money mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Virgin Money mortgage from the register. Virgin Money, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
It is not clear whether my mortgage offer requires a lease extension. I have called my Bedwas bank branch on a couple of occasions and was informed it wasn't a problem and they will lend. My Bedwas conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they would not lend based on their specific requirements. Who do I believe?
Your solicitor must follow the Council of Mortgage Lenders’ Handbook Part 2 conditions for your 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Various internet forums that I have come across warn that are the number one reason for stalling in Bedwas 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 amongst the common causes of delays in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Bedwas.
I'm buying a new build house in Bedwas benefiting from help to buy. The developers would not budge the price so I negotiated £7000 of additionals instead. The estate agent told me not inform my conveyancer about this extras as it could impact my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a quick, no chain conveyancing. Bedwas is where the house is located. Can you offer any opinion?
Flying freeholds in Bedwas are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bedwas you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bedwas may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Are there common deficiencies that you witness in leases for Bedwas properties?
There is nothing unique about leasehold conveyancing in Bedwas. All leases are unique and legal mistakes in the legal wording can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
Clauses dealing with recovering service charges for expenditure on the building or common parts.
You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, The Mortgage Works, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.
I invested in buying a basement flat in Bedwas, conveyancing formalities finalised April 2002. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Bedwas with over 90 years remaining are worth £192,000. The ground rent is £55 invoiced every year. The lease ceases on 21st October 2077
With 54 years left to run we estimate the price of your lease extension to span between £32,300 and £37,400 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.