I am getting a mortgage with Halifax. I intend to retain the legal services of a Licensed Conveyancer in Mynydd Isa. Does the Halifax Conveyancing panel allow for Licensed Conveyancers?
The Halifax conveyancing panel is, like many other lenders, associated to the CML or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
We're in Mynydd Isa, First timers purchasing with a mortgage (lender is Bank of Ireland , and our lawyer is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I'm purchasing a new build house in Mynydd Isa with the aid of help to buy. The builders would not budge the amount so I negotiated £7000 of extras instead. The house builders rep advised me not to tell my lawyer about this deal as it will affect my mortgage with the lender. Is this normal?.
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.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one close by in Mynydd Isa I like with a park and railway links nearby, the downside is that it's only got 61 years on the lease. I can't really find anything else in Mynydd Isa in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage that many years will likely be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this.
I've recently bought a leasehold property in Mynydd Isa. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner 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).
I inherited a leasehold flat in Mynydd Isa, conveyancing formalities finalised in 1999. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Mynydd Isa with a long lease are worth £195,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ceases on 21st October 2083
With just 63 years remaining on your lease we estimate the price of your lease extension to range between £16,200 and £18,600 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
We are thinking of choosing an online conveyancer as opposed to a Mynydd Isa conveyancing firm. Should I ‘stay local’?
Various benefits exist in being able to visit a local Mynydd Isa conveyancing solicitor for example
- signing papers same day
- often being able to speak to someone face-to-face can make a huge difference, particularly for non-standard house moves
- the ability to raise concerns if matters go pear-shaped
When analysing estimates, look out for hidden extras. Most decent Mynydd Isa high street solicitors give an all-inclusive figure. Many online agents appear to offer discounted prices, yet have burried 'extras' in the small print.