I purchased my home on 7 April and the transaction details are still not registered. Should I be concerned? My conveyancing solicitor in Gilwern said it would be formalised in less than a month. Are properties in Gilwern uniquely lengthy to register?
As far as conveyancing in Gilwern registration is no faster or slower than the rest of England and Wales. As opposed to being determined by geographic area, timeframes can adjust according to who lodges the application, whether there are errors and whether the Land registry have to notify any third parties. At present in the region of three quarters of submission are completed within two weeks but some can be subject to protracted delays. Registration is effected after the new owner has moved in to the premises thus 'speed' is not typically primary concern yet where there is a degree of urgency associated with the registration then you or your conveyancer can communicate with the Registry to express the reasoning for the application to be prioritised.
I'm purchasing a new build house in Gilwern with a mortgage from Norwich and Peterborough Building Society. The builders refused to move on the amount so I negotiated £7000 of additionals instead. The house builders rep suggested that I not inform my conveyancer about this deal as it would adversely affect my loan with Norwich and Peterborough Building Society. Do I keep my lawyer in the dark?.
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 opted to have a survey completed on a property in Gilwern ahead of appointing lawyers. I have been informed that there is a flying freehold overhang to the house. The surveyor has said that some lenders tend not issue a loan on a flying freehold property.
It depends who your proposed lender is. Lloyds has different instructions for example to Nationwide. If you e-mail us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Gilwern. Conveyancing will be smoother if you use a solicitor in Gilwern especially if they are accustomed to such properties in Gilwern.
I was pointed in your direction by a few selling agents in Gilwern to find a property lawyer on your site. Is there a financial incentive for Estate Agents to recommend your site over alternative conveyancing organisations?
We don’t make any commission for pointing buyers and sellers our way. We thought it would be too underhand a fee as a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I've recently bought a leasehold house in Gilwern. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a basement flat in Gilwern, conveyancing formalities finalised in 1996. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Gilwern with over 90 years remaining are worth £202,000. The ground rent is £60 yearly. The lease comes to an end on 21st October 2080
With 57 years unexpired we estimate the premium for your lease extension to be between £28,500 and £33,000 as well as costs.
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 without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
Our conveyancing solicitor in Gilwern has requested from me ID documents stating that this forms part of his obligations as a solicitor on the mortgage company Conveyancing panel. Am I being spun a yarn?
Anti-terror and anti-money-laundering rules require Gilwern conveyancing solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer is right that the lender also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with the mortgage company's UK Finance Lenders’ Handbook requirements