My husband and I are approaching an exchange on a property in Monmouthshire and my parents have sent the 10% deposit to my solicitor. I am now informed that as the deposit has been sent from someone other than me my property lawyer needs to make a notification to my bank. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I advised the mortgage company about my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to hold matters up?
The conveyancer is obliged to clarify with mortgage company to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Why do I have to pay up front when it comes to conveyancing in Monmouthshire?
If you are buying a property in Monmouthshire your lawyer will request that you to provide them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. If any deposit is payable against the purchase price then this should be required immediately prior to contracts are exchanged. The final balance that is due should be sent to your lawyer shortly before completion.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what should have been a simple, chain free conveyancing. Monmouthshire is the location of the property. Is there any advice you can give?
Flying freeholds in Monmouthshire are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Monmouthshire you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Monmouthshire 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 premises.
Do I need to be wary by estate agents that I am dealing with are suggesting an internet conveyancing firm as opposed to a High Street Monmouthshire conveyancing firm?
As is the case with many service providers, often input from family and friends can be extremely useful or valuable. Yet there are numerous players in a conveyancing matter; estate agents, mortgage brokers and lenders might all suggest lawyers to retain. Sometimes these solicitors might be known to one of the organisations as experts in their field, but sometimes there might be a financial incentive behind the endorsement. You have the discretion to choose your own lawyer. Don't forget that the majority of lenders specify a panel list of lawyers you are obliged to use for the mortgage aspect of your house move.
Am I better off to instruct a Monmouthshire conveyancing solicitor who is local to the property I am buying? An old friend can deal with the conveyancing but they are based 400kilometers drive away.
The primary upside of using a high street Monmouthshire conveyancing firm is that you can attend the office to sign paperwork, present your ID and pester them where appropriate. Having local Monmouthshire know how is a plus. However it's more important to get someone that will pull out all the stops for you. If if people you trust used your friend and on the whole were content that must trump using an unfamiliar Monmouthshire conveyancing lawyer just because they are based in the area.
Back In 2006, I bought a leasehold house in Monmouthshire. Conveyancing and Bank of Ireland mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Monmouthshire who previously acted has long since retired. What should I do?
The first thing you should do is make enquiries of HMLR to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to instruct a Monmouthshire conveyancing firm to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am the registered owner of a studio flat in Monmouthshire, conveyancing formalities finalised in 1998. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Monmouthshire with an extended lease are worth £202,000. The ground rent is £55 charged once a year. The lease ends on 21st October 2081
With only 56 years left to run we estimate the price of your lease extension to be between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.