We are getting the release of further monies on our home loan from Barclays as we wish to carry out renovations to our property in Bryncoch. Are we obliged to choose a high street Bryncoch solicitor on the Barclays conveyancing panel to deal with the legals?
Barclays don't usually appoint a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Barclays list.
I am currently in the process of buying my council flat in Bryncoch. I have a mortgage offer with Co-operative. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Co-operative, you will need to appoint a solicitor on the Co-operative conveyancing panel.
I have a mortgage with Lloyds for my property in Bryncoch. Conveyancing has been completed a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Lloyds?
You must advise Lloyds prior to renting your property as this is likely to be a breach of Lloyds’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 Lloyds directly. You need not do this via a Lloyds conveyancing panel lawyer.
What does a local search reveal concerning the property my wife and I purchasing in Bryncoch?
Bryncoch conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search company for instance PSG The local search is essential in every Bryncoch conveyancing purchase; that is if you wish to avoid any nasty once you have moved into your property. The search will reveal data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
The estate agent has sent us the confirmation of our purchase of a new build flat in Bryncoch. Conveyancing is a frightening process 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 is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Bryncoch
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. There must be mutual enforceability of lessee’s covenants. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Forfeiture - bankruptcy or liquidation must not apply under this provision.
Over the last few months I have been searching for a flat up to £195,000 and found one close by in Bryncoch I like with amenity areas and railway links nearby, however it's only got 52 years unexpired on the lease. I can't really find anything else in Bryncoch suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a home loan the shortness of the lease will be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
I have recently realised that I have 72 years remaining on my lease in Bryncoch. I now want to get lease extension but my landlord is missing. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to find the lessor. On the whole a specialist would be useful to carry out a search and to produce a report to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a conveyancer both on proving the landlord’s disappearance and the application to the County Court covering Bryncoch.
I bought a studio flat in Bryncoch, conveyancing having been completed August 2005. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Bryncoch with over 90 years remaining are worth £201,000. The ground rent is £45 per annum. The lease terminates on 21st October 2088
You have 64 years left to run we estimate the price of your lease extension to range between £15,200 and £17,600 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
Estate agents have just been given the go-ahead to market my basement flat in Bryncoch.Conveyancing has not commenced however I have recently had a yearly service charge invoice – Do I pay up?
The sensible thing to do is clear the maintenance contribution as you normally would as all rents and service payments will be apportionedon completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process