My partner and I are acquiring property in Maesteg. My lawyer is not on the bank solicitor panel. Is it possible for me to retain my Maesteg conveyancing solicitor even though they are excluded from the bank panel?
You have a couple of choices available to you here
- Carry on with your preferred Maesteg solicitor but your bank will undoubtedly retain a conveyancing practitioner from their approved list. The net result is additional fees and probable delay.
- Appoint a fresh conveyancer to act in the purchase, making sure they are on the bank conveyancing panel.
- Convince your solicitor to pull out all the stops to get listed on the lender’s panel of solicitors
I am acquiring a property without a mortgage in Maesteg. I have been living for the previous dozen years in Maesteg. Conveyancing searches are exorbitant. As I have knowledge of the area and road intimately should I not bother getting the solicitor to do all the conveyancing searches?
If you not getting a mortgage, then all but one or two of the Maesteg conveyancing searches are optional. Your solicitor will 'advise', perhaps strongly, that you should have searches completed, but he has a professional duty to take that path of encouragement . One thing to consider; if you are intend to sell the house in the future, it may be of relevance to your prospective buyer what the searches contain. On occasion properties with no practical issues can still show up unfavourable search results. A good conveyancing solicitor in Maesteg should be able to give you some helpful advice concerning this.
We note that you have a post code search directory identifying law firms on the Aldermore conveyancing panel. Do companies pay you a commission if I retain them for our conveyancing in Maesteg?
We are a listing service only for law firms wishing to communicate if they are on the Aldermore conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Maesteg.
I'm purchasing a new build house in Maesteg with the aid of help to buy. The builders would not budge the amount so I negotiated 6k of additionals instead. The sale representative told me not reveal to my lawyer about the side-deal as it would affect my loan with Leeds Building Society. Is this normal?.
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've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a simple, no chain conveyancing. Maesteg is where the house is located. Can you shed any light on this issue?
Flying freeholds in Maesteg are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Maesteg you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Maesteg may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am a negotiator for a busy estate agent office in Maesteg where we see a number of flat sales jeopardised due to short leases. I have received inconsistent advice from local Maesteg conveyancing firms. Can you shed some light as to whether the vendor of a flat can commence the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I own a ground floor flat in Maesteg, conveyancing formalities finalised 5 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Maesteg with over 90 years remaining are worth £171,000. The ground rent is £50 per annum. The lease ends on 21st October 2104
With only 79 years left to run the likely cost is going to span between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.