The Bridgend conveyancing firm handling our Bridgend conveyancing has uncovered an inconsistency between the assumptions in the valuation report and what is in the title deeds. My solicitor says that he is obliged to check that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s stance right?
Your solicitor must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Why is leasehold purchase conveyancing in Bridgend costs more?
In summary, leasehold conveyancing in Bridgend and elsewhere usually warrants additional hours of investigation compared to freehold conveyancing. This includes lease investigation, liaising with the landlord about serving required notices, obtaining up-to-date service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different leaseholders have owned the lease since it was first entered into.
I have been referred to a conveyancing solicitor in Bridgend. I I am struggling to find out if they are accepted on the Britannia approved list of lawyers. Could you assist?
The first thing you should do is phone the conveyancer and enquire if they can act for the bank. Alternatively you should get in touch with Britannia who may be able to confirm.
We have agreed to purchase a house in Bridgend. One unusual aspect is that the roof has a solar panel. Co-operative have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Co-operative your lawyer must comply with the formal instructions contained in Section 2 of UK Finance Lenders’ Handbook for Co-operative. The Council of Mortgage Lenders’ Handbook contains minimum provisions for solar panel roof-space leases, and property lawyers are required to report to Co-operative where a lease fails to meet these requirements. The conditions relate to the installation of panels on properties in England and Wales and is not isolated to Bridgend.
After shopping around on the internet I have found a Bridgend solicitor having checked that they are on the Clydesdale conveyancing panel. Does my lawyer arrange the survey of the property?
Clydesdale will need an independent valuation of the property. Your lawyer will not arrange this. Usually Clydesdale will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Bridgend postcode. As you are getting a mortgage with Clydesdale, you could contact them to see if they have a list of approved surveyors in Bridgend.
My offer on a house in Bridgend has been agreed to, but there is a chain. The owners have offered on a flat, but it’s not been accepted yet, and have viewings of other flats booked. I have instructed a high street conveyancing solicitor in Bridgend. What should be my next step? When should I get the mortgage application with RBS going?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx one thousand pounds, then valuation, Bridgend conveyancing search fees, etc). First, you must check that your conveyancing practitioner is on the RBS conveyancing panel. Regarding the subsequent phase this very much dictated by the circumstances of your transaction, attraction to the property and on the state of the market. In a rising market some home buyers would apply for the mortgage with RBS and arrange for the valuation and only if it was satisfactory would they pay their lawyer to proceed with the conveyancing in Bridgend.
I'm purchasing a new build house in Bridgend with a mortgage from Bank of Scotland. The developers refused to move on the amount so I negotiated £7000 of additionals instead. The estate agent suggested that I not reveal to my lawyer about this extras as it may put at risk my loan with the lender. Is this normal?.
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.
I've found a house that seems to meet my requirements, at a great figure which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Bridgend. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
Most houses in Bridgend are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Bridgend in which case you should be looking for a Bridgend conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer should appraise you on the various issues.
I invested in buying a split level flat in Bridgend, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Bridgend with over 90 years remaining are worth £192,000. The average or mid-range amount of ground rent is £55 yearly. The lease runs out on 21st October 2078
With just 54 years left to run we estimate the premium for your lease extension to span between £32,300 and £37,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.