I am not in a position to travel far from Fforestfach. What is the rationale as to why all Fforestfach solicitors are not on all lender panels?
Even though it may seem unfair for mortgage companies to restrict who can represent them, from the public’s or conveyancer’s viewpoint, the other side of the coin is that mortgage companies are increasingly anxious and consider it crucial to protect them against mortgage fraud. As a consequence of this concern mortgage companies have consolidated their conveyancing panel to a manageable size.
How does conveyancing in Fforestfach differ for new build properties?
Most buyers of new build or newly converted property in Fforestfach approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is constructed. This is because builders in Fforestfach usually purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Fforestfach or who has acted in the same development.
I am looking for a ground for flat up to £235,500 and found one close by in Fforestfach I like with open areas and station nearby, the downside is that it only has 52 years on the lease. There is not much else in Fforestfach for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage the shortness of the lease may be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
I am one month into a leasehold purchase having been recommend to solicitors by the high street agent to handle our conveyancing in Fforestfach. I am not happy. Could you help me find new conveyancers?
A lawyer would have to be very poor in order to consider diss instructing them. Has the mortgage been sent? If so you must inform them of the new contact details and get the loan are re-issued. Your new solicitor ideally needs to be on the mortgage company approved list to avoid added costs and complications. That should be your starting point. The search tool will help you find a lender approved solicitor for your conveyancing in Fforestfach
Do you have any advice for leasehold conveyancing in Fforestfach from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Fforestfach can be avoided if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ solicitors. You believe that you know the number of years left on your lease but you should double-check by asking your lawyers. A buyer’s conveyancer will not be happy to advise their client to where the remaining number of years is under 80 years. It is therefore essential at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. A minority of Fforestfach leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. If you have had any disputes with your landlord or managing agents it is essential that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic as opposed to unresolved. If you are supposed to have a share in the freehold, you should make sure that you have the original share document. Arranging a re-issued share certificate is often a time consuming formality and slows down many a Fforestfach home move. If a new share certificate is required, you should approach the company officers or managing agents (where applicable) for this sooner rather than later.
Fforestfach Conveyancing for Leasehold Flats - Examples of Queries Prior to buying
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Make sure you investigate if the the lease includes any adverse restrictions in the lease. For example plenty of leases prohibit pets being permitted in certain buildings in Fforestfach. If you like the apartmentin Fforestfach but your cat can’t live with you then you have a very difficult decision. How many of the leaseholders are in arrears for their service charge payments?
I am contemplating instructing an online lawyer ahead of a Fforestfach conveyancing practice. Any advice?
Advantages do exist in being able to visit a local Fforestfach conveyancing solicitor for example
- signing documents and and when necessary
- sometimes being able to see someone face-to-face can make a huge difference, particularly for non-standard conveyancing
- the ability to raise concerns if matters go pear-shaped
When analysing fees, look carefully for hidden extras. Most decent Fforestfach high street solicitors give an all-inclusive price. Many online companies seem to offer low cost fees, but have hidden 'extras' in the fine print.