Am I correct in assuming that the fact that my solicitor in Machynlleth is not on my bank's solicitor panel that there is a problem with the quality of her work?
That is most likely a wrong assumption to make. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Machynlleth conveyancing firm and enquire why they are no longer on the approved list for your bank.
I purchased a freehold house in Machynlleth but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Machynlleth and has limited impact for conveyancing in Machynlleth but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
We wanted to use a conveyancing solicitor in Machynlleth for our house move. Our broker has since advised us that our mortgage lenders Virgin Money won't deal with them. Surely this is unfair competition?
A lender can require an approved solicitor act for it. Borrowers are liable to bear the charges for this. Try using our directory service to find a solicitor to carry conveyancing in Machynlleth on the Virgin Money approved list of solicitors.
I am downsizing from our house in Machynlleth and the buyers lawyers are claiming that there is a risk of it being built land that was not decontaminated. A local conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers are using a national conveyancing firm rather than a conveyancing solicitor in Machynlleth. We have lived in Machynlleth for six years we know of no issue. Is it a good idea to contact our local Authority to seek confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer currently acting for you. What do they say? You must 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)
Over the last few months I have been searching for a flat up to £305k and identified one close by in Machynlleth I like with open areas and railway links nearby, the downside is that it only has 52 remaining years left on the lease. There is not much else in Machynlleth in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £400,000 flat in Machynlleth in just under a week. The management company has quoted £396 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Machynlleth?
Machynlleth conveyancing on leasehold apartments normally requires the buyer’s conveyancer sending questions for the landlord to address. Although the landlord is not legally bound to address these enquiries most will be willing to assist. They are at liberty to invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee demanded by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, without which the charge is not strictly payable. Reality however dictates that one has little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I own a 1 bedroom flat in Machynlleth, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Machynlleth with an extended lease are worth £185,000. The ground rent is £65 invoiced every year. The lease runs out on 21st October 2084
With only 60 years unexpired the likely cost is going to span between £20,000 and £23,000 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.