I do hope you can help me. My Machynlleth lawyer is advising me that she is duty bound toconduct Machynlleth conveyancing searches asthe firm are on the HSBCsolicitor panel. Is my conveyancer correct?
Unfortunately both you and your lawyer have little choice here. As you are obtaining a home loan with a lender your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your solicitor would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Machynlleth conveyancing searches.
We are close to exchanging contracts on the sale of our property in Machynlleth and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. A local lawyer would know this is not the case. It does beg the question why the buyers are using an online conveyancing outfit rather than a conveyancing solicitor in Machynlleth. We have lived in Machynlleth for many years we know that this is a non issue. Do we get in touch with our local Authority to obtain clarification that the buyers are looking for.
It would appear that you have a conveyancing firm currently acting for you. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
Are there restrictive covenants that are commonly picked up during conveyancing in Machynlleth?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Machynlleth. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying a new build house in Machynlleth with a loan from Virgin Money. The developers refused to reduce the amount so I negotiated 6k of extras instead. The sale representative advised me not reveal to my lawyer about the side-deal as it will impact my loan with the lender. 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.
I decided to have a survey done on a house in Machynlleth before appointing solicitors. I have been informed that there is a flying freehold aspect to the house. My surveyor advised that some mortgage companies tend not issue a mortgage on such a premises.
It depends who your proposed lender is. Lloyds has different instructions from Nationwide. If you contact us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Machynlleth. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Machynlleth to see if the conveyancing will be more expensive.
I've recently bought a leasehold house in Machynlleth. Am I liable to pay service charges for periods before completion of my purchase?
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. A critical element 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).
Leasehold Conveyancing in Machynlleth - Examples of Questions you should ask before Purchasing
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You should want to discover as much as you can about the company managing the block as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to every day issues like the upkeep of the common parts. Ask prospective neighbours what they think of them. On a final note, investigate as to the dates that the maintenance fees are due to the managing agents and precisely what it includes. Is the freehold reversion owned jointly by the leaseholders?