As a first time buyer what is the most important number one tip you can impart about purchase conveyancing in Ferryside?
Not many law firms shout this from the rooftops but conveyancing in Ferryside and elsewhere in Ammanford is often a confrontational process. Put another way, when it comes to conveyancing there is an abundance of room for friction between you and others involved in the home moving process. For example, the vendor, property agent and even potentially the bank. Selecting a law firm for your conveyancing in Ferryside is a critical decision as your conveyancer is your adviser, and is the SOLE party in the transaction whose role it is to protect your legal interests and to protect you.
Sometimes a potential adversary may try and convince you that it is in your interests to do things their way. For instance, the estate agent may claim to be assisting by claiming that your solicitor is dragging his heels. Or your financial adviser may advise you to do something that is against your conveyancers advice. You should always trust your lawyer above all other parties in the conveyancing process.
I just bought a house at auction in Ferryside. Conveyancing is necessary. What is next?
Given that you are now for in every practical sense signed on the dotted line you now have to find a conveyancing lawyer as a matter of urgency as you are facing a pending a fixed date to complete the deal. All auction property should have an associated auction pack. This should include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the conveyancing papers may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation pertinent to a leasehold property. You must hand this to your appointed conveyancing solicitor as soon as possible. Do make sure that your finances are organised to complete the transaction on the set completion date.
We are getting a further advance on our home loan from Bank of Ireland as we want to carry out renovations to our house in Ferryside. Do we need to appoint a bricks and mortar Ferryside solicitor on the Bank of Ireland conveyancing panel to deal with the paperwork?
Bank of Ireland do not ordinarily appoint firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Bank of Ireland list.
My sealed bid on a house in Ferryside has been agreed to, but there is a chain. The owners have put an offer on a property, but it’s not yet agreed to, and have viewings of other flats in the pipeline. I have chosen a local conveyancing solicitor in Ferryside. What do I do now? At what point do I apply for the mortgage with Kent Reliance?
It is usual to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of £1k, then survey, Ferryside conveyancing search fees, etc). First, you must check that your conveyancing practitioner is on the Kent Reliance conveyancing panel. Regarding the subsequent stages this very much depends on the circumstances of your transaction, motivation for the property and on the state of the market. In a rising market some purchasers would apply for the mortgage with Kent Reliance and arrange for the valuation and only if it comes back ok would they ask their conveyancer to press on with searches.
Me and my brother purchased a renovated Georgian house in Ferryside. Conveyancing lawyer represented me and Nottingham Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, another for leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ferryside and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with your conveyancing solicitor who conducted the purchase.
I am buying my first flat in Ferryside with the aid of help to buy. The developers refused to move on the price so I negotiated £7000 of additionals instead. The estate agent suggested that I not reveal to my lawyer about this side-deal as it will affect my loan with Halifax. 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.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Ferryside is the location of the property. Can you shed any light on this issue?
Flying freeholds in Ferryside are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ferryside you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ferryside 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 property.
Back In 2008, I bought a leasehold house in Ferryside. Conveyancing and Britannia mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Ferryside who previously acted has now retired. Any advice?
The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the new freeholder. You do not need to instruct a Ferryside conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I inherited a garden flat in Ferryside, conveyancing formalities finalised in 2011. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Ferryside with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease runs out on 21st October 2079
With just 55 years left to run we estimate the price of your lease extension to range between £31,400 and £36,200 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.