My wife and I are hoping to purchase a house in Margam and are in fact using a Margam conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Alliance & Leicester have this evening contacted us to advise us that there is now an issue as our Margam conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Margam solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
At what point can the exchange of contracts occur in purchase conveyancing in Margam and do I need to attend the solicitors branch?
Where you are near to one of the conveyancing solicitors in Margam you are invited in to sign the paperwork. However, the lender approved solicitors we recommend provide countrywide coverage for conveyancing and give just as diligent and professional a job for you when communicating with you by post or email. The signing of the purchase agreement is not the point of no return. A signed contract is necessary for the conveyancer to officially exchange when the time is right, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Margam)to be in the office available at the end of the phone to exchange contracts.
In what way does the Landlord & Tenant Act 1954 impact my business property in Margam and how can you help?
The 1954 Act provides security of tenure to business leaseholders, granting the a statutory right to apply to court for a renewal tenancy and remain in occupation when the lease reaches an end. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing practices who use the act for protection and help with commercial conveyancing in Margam
My husband and I are first time buyers - agreed a price, but the property agent told us that the owners will only move forward if we appoint their recommended solicitors as they need an ‘expedited deal’. Our preferred option is to instruct a family solicitor with experience of conveyancing in Margam
It is highly unlikely the vendors are driving this. Should the owner want ‘a quick sale', alienating a serious purchaser is is going to put the whole deal at risk. Speak to the vendors direct and make the point that (a)you are motivated buyers (b)you are ready to go, with mortgage lined up © you are chain free (d) you wish to move quickly (e)however you will continue to use your own,trusted Margam conveyancing lawyers - rather thanthose that will give the negotiator at the agency a kickback or meet his conveyancing targets demanded by HQ.
I’m about to sell my 2 bed apartment in Margam. Conveyancing has not commenced, however I have just received a yearly maintenance charge invoice – Do I pay up?
The sensible thing to do is clear the invoice as you normally would given that all ground rent and service charges will be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I bought a 1 bedroom flat in Margam, conveyancing was carried out August 2005. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Margam with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 yearly. The lease expires on 21st October 2085
You have 61 years left to run the likely cost is going to range between £18,100 and £20,800 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
My wife and I are disposing of a Margam flat we inherited ten years ago in 2012. I have over twenty years conveyancing experience and, although retired, intend to do my own conveyancing. The purchaser's conveyancing practitioner has informed me that their building society will not allow us to do our own conveyancing as they require the funds to be transferred to a solicitor's bank account.
Lending requirements to conveyancing practitioners from all mainstream lenders specify that If the vendor is not legally represented the buyer’s lawyers should check whether the lender needs to be notified so that a decision can be made as to whether they are prepared to proceed.