Our Hay On Wye conveyancer has spotted a difference between the assumptions in the home valuation survey and what is in the title deeds. My lawyer says that he needs to check that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s stance legitimate?
Your lawyer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Is it the case that all Hay On Wye solicitor practices on the Virgin Money conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Virgin Money approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. The majority of banks do list licenced conveyancers on their panel in which case such practice would be overseen by the Council of Licensed Conveyancers.
The mortgage over my property is with Nationwide for my property in Hay On Wye. Conveyancing has been completed some time ago. Should I wish 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 Nationwide?
Nationwide must be informed of your intention before renting your property as this is likely to be a breach of Nationwide’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 Nationwide directly. It should not be necessary to do this via a Nationwide conveyancing panel lawyer.
I am due to exchange contracts on my flat. I had a double glazing fitted in March 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, TSB are being pedantic. The Hay On Wye solicitor who is on the TSB conveyancing panel is saying indemnity insurance will be fine but TSB are requiring a building regulation certificate. Why do TSB have a conveyancing panel if they don't accept advice from them?
It is probably the case that TSB have referred the matter to their valuer. The reason why TSB may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I am buying a new build flat in Hay On Wye. 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.
Here are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Hay On Wye
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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. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Is it simple use your search tool to select a conveyancing practitioner in Hay On Wye on the panel for my lender?
Step one is to select a bank such as Accord Mortgages Ltd, The Royal Bank of Scotland or TSB then type in your preferred area such as Hay On Wye. Conveyancing firms in Hay On Wye and across England and Wales will then be listed.
I've recently bought a leasehold property in Hay On Wye. Do I have any liability for 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. Strange as it may seem, 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 ensure 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).
Hay On Wye Leasehold Conveyancing - A selection of Queries Prior to buying
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Are there any major works in the near future that will likely add a premium to the service charges? The majority of Hay On Wye leasehold properties will be liable to pay a service bill for the upkeep of the building invoiced by the landlord. Where you acquire the apartment you will have to pay this liability, usually in instalments during the year. This could differ from several hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a ground rent for you to pay annual, normally this is not a significant amount, say around £50-£100 but you need to check it because sometimes it can be surprisingly expensive. Who are the managing agents?
How much experience do your Hay On Wye conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Hay On Wye conveyancing lawyers help thousands of buyers move home every year and helped lots of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Hay On Wye conveyancers have worked on recent similar cases.