It is is a decade since I bought my house in Burry Port. Conveyancing solicitors have now been retained on the sale but I can't find my title documents. Is this a problem?
Don’t worry too much. Firstly there is a possibility that the deeds will be kept by the mortgage company or they may stored with the solicitor who acted in the purchase. Secondly the chances are that the land will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing solicitors acquiring current official copies of the land registers. Almost all conveyancing in Burry Port involves registered property but in the unlikely event that your home is unregistered it adds to the complexity but is resolvable.
My wife and I are purchasing a flat in Burry Port. It might be a silly question but how we can trust a lawyer? On completion day we will need to send our life savings into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I have decided to exercise my right to buy my property in Burry Port off the council. I have a mortgage agreed with Coventry BS. 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 Coventry BS, you will need to appoint a solicitor on the Coventry BS conveyancing panel.
The mortgage over my property is with Lloyds for my property in Burry Port. Conveyancing has been completed some time ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Lloyds?
Your original mortgage agreement with Lloyds will provide that you need their approval in advance of letting out 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 solicitor.
The deeds to our house are lost. The solicitors who did the conveyancing in Burry Port 5 years ago have long since closed. What are my next steps?
Nowadays there are copies made of almost everything, and your conveyancer will be aware exactly where to find all the suitable paperwork so you may buy or dispose of your house without any difficulty. If copies can’t be located, your conveyancer can put in place insurance or indemnities against future claims on the property.
I am buying a new build house in Burry Port benefiting from help to buy. The builders refused to reduce the amount so I negotiated £7000 of fixtures and fittings instead. The property agent suggested that I not reveal to my lawyer about the side-deal as it could affect my loan with Bank of Ireland. 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 element on a house I have offered on last month in what should have been a straight forward, chain free conveyancing. Burry Port is the location of the property. What do you suggest?
Flying freeholds in Burry Port are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Burry Port you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Burry Port 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 premises.
I am employed by a busy estate agency in Burry Port where we have witnessed a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Burry Port conveyancing solicitors. Could you clarify whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I inherited a 2 bed flat in Burry Port, conveyancing was carried out 6 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Burry Port with an extended lease are worth £191,000. The ground rent is £55 per annum. The lease finishes on 21st October 2079
With just 54 years remaining on your lease we estimate the premium for your lease extension to range 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 extending a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.