My fiance and I are looking to acquire a property in Blaina and have appointed a Blaina conveyancing firm. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Nationwide Building Society have this morning contacted us to advise us that they have now hit a problem as our Blaina lawyer is not on their approved list of lawyers. Please explain?
Where you are buying a property needing a mortgage it is normal 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Blaina solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
I am the registered owner of a freehold residence in Blaina but nevertheless pay rent, why is this and what is this?
It is rare for properties in Blaina and has limited impact for conveyancing in Blaina but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
We are expecting a mortgage offer soon. The lender mentioned the home loan came with free conveyancing. Does this mean I have to appoint their panel lawyer as I would much rather appoint a Blaina based conveyancing firm?
You should check but the the probability is that appoint one of their panel lawyers where you want the "fee-free" offer. Speak to the lender and see if they make available a cash alternative. In the past a few lenders offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor near Blaina.
I am helping my step-mother sell her house in Blaina. Will the conveyancing solicitor arrange the energy performance certificate or it is for the seller to coordinate?
After the demise of Home Packs, energy assessments was kept a mandatory element of moving house. An energy performance certificate needs to be commissioned in advance of the property being put on the market. It is not something that law firms ordinarily organise. If you are instructing a Blaina conveyancing lawyer they might be willing to arrange EPC’s due to their relationships with long established local providers
I currently have a mortgage with Virgin Money for my property in Blaina. Conveyancing has been completed a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Virgin Money?
Your original mortgage agreement with Virgin Money will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel firm.
About to purchase maisonette in Blaina. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Leeds Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Blaina conveyancing practitioner is on the Leeds Building Society conveyancing panel.
I'm purchasing a new build house in Blaina with a mortgage from Yorkshire Building Society. The developers refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not to tell my conveyancer about this extras as it could affect my loan with the lender. 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.
Can you offer any advice when it comes to finding a Blaina conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Blaina conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with several firms including non Blaina conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be of use:
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Can they put you in touch with clients in Blaina who can give a testimonial? What are the legal fees for lease extension conveyancing?
Blaina Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to buying
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Does this lease have more than 82 years remaining? It would be wise to find out as much as you can regarding the company managing the building as they can either make life much easier or much more difficult. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to every day matters like the tidiness of the communal areas. Enquire of prospective neighbours whether they are happy with them. In conclusion, be sure you discover the dates that the maintenance fees are due to the managing agents and specifically how they are spending that money. Who are the managing agents?