My wife and I are nearing an exchange on a flat in Bedwas and my mum and dad have sent the ten percent deposit to my property lawyer. I am now told that as the deposit has been sent from someone other than me my solicitor needs to disclose this to my bank. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The solicitor is obliged to clarify with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Why is leasehold purchase conveyancing in Bedwas costs more?
Bedwas leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I am buying a new build house in Bedwas with a mortgage from The Mortgage Works. The builders would not move on the amount so I negotiated £7000 of additionals instead. The house builders rep suggested that I not reveal to my conveyancer about the extras as it may put at risk my mortgage with The Mortgage Works. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Given that I will soon spend over three hundred thousand on a garden flat in Bedwas I wish to talk to a solicitor concerning thetransaction ahead of appointing the firm. Is this something that you can arrange?
We could not agree more - it is our preference to talk to you we do not take any clients on without you speaking to the conveyancer due to be doing your property ownership legalities in Bedwas.There is no ‘factory style conveyancing’ - every client is unique person, not a file number. The practices that we put you in touch with believe that the figure you are provided with for residential conveyancing in Bedwas should be the figure that you are charged.
I am tempted by the attractive purchase price for a two apartments in Bedwas which have approximately 50 years left on the lease term. Will this present a problem?
A lease is a right to use the property for a prescribed time frame. As the lease shortens the value of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this arena.
I invested in buying a studio flat in Bedwas, conveyancing having been completed in 2001. Can you work out an approximate cost of a lease extension? Corresponding flats in Bedwas with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease terminates on 21st October 2076
With just 52 years remaining on your lease we estimate the price of your lease extension to span between £29,500 and £34,000 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.
Me and my wife have just had an offer accepted on a flat and had meeting on Wednesday with the Post Office for the mortgage. They advised us that when it comes to choosing a lawyer that unless they are on their approved panel of lawyers then we will incur a further fee of about two hundred pounds. This is because they would then have to instruct a solicitor to act for them as well as the one we appoint on our behalf and we assume responsibility for their costs. I have requested the Post Office to furnish me with a list so I can obtain estimates only from their approved conveyancers but was told that I need to check with each individual solicitor to see if they are on the panel. Is there a list online?
Ask the Post Office what their panel criteria is for a conveyancer.Thereafter ask the conveyancer of your choice whether they meet the criteria and have they acted on mortgages for the Post Office in the past. If the answer to those is yes, then just double check with the Post Office. Alternatively please utilise our search facility and we may be able to identify a solicitor in Bedwas on the panel for the Post Office.