My wife and I are purchasing a 1 bedroom apartment in Narberth with a mortgage. We have a Narberth lawyer, but the lender advise she’s not on their "panel". We have to appoint one of the bank panel solicitors or keep our Narberth conveyancer as well as pay for one of their panel ones to act for them. This seems very unfair; can we not demand that the lender use our Narberth conveyancer ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Narberth conveyancing lawyer to apply to be on the conveyancing panel.
AssumingI was to purchase a freehold housein Narberth for cash and have no survey and no conveyancing searches how much could I expect to to save on my conveyancing in Narberth?
Any savings you would gain would be limited to the Narberth conveyancing searches. A property lawyer is required to do the vast majority of work - money laundering, communicating with the sellers property lawyer, SDLT return, register the property etc. You might save a bit for them not having to register a mortgage but it will not be meaningful.
I had intended to instruct a property lawyer in Narberth for our house move. Our financial adviser has since advised us that our mortgage company Halifax won't deal with them. Why is this not regarded as unduly restrictive?
Pre- 2008 most lenders had a different appetite for risk. Almost all Narberth conveyancing firms would have been on many lender panels. The financial services regulator in 2010 carried out a thematic investigation into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms concerning their operations and their employees and set certain criteria such a completing on a minimum number of conveyancing. Many Narberth conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Narberth is one of the hundreds of locations where the solicitors we recommend are on the panel for Halifax.
I am buying a new build flat in Narberth. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Narberth
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? There must be mutual enforceability of lessee’s covenants.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Narberth is the location of the property. Is there any guidance you can impart?
Flying freeholds in Narberth are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Narberth you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Narberth may ascertain 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 property.
I am hoping to sign contracts shortly on a studio apartment in Narberth. Conveyancing solicitors have said that they are sending me a report next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Narberth should include some of the following:
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What you can do if an adjoining owner is in violation of a provision in their lease? You would want to receive a copy of the lease Responsibility to repair and maintain the building. It is essential that you know who is liable for the repair and maintenance of every part of the building Whether the lease restricts you from subletting the flat, or having a home office for business if lease caters for for a sinking fund for major works?
I own a 1 bedroom flat in Narberth, conveyancing was carried out 9 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Narberth with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 levied per year. The lease comes to an end on 21st October 2091
You have 66 years unexpired the likely cost is going to span between £11,400 and £13,200 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. 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 considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.