Our lawyer has identified a defect with the lease for the apartment we are buying in Neath. The other side have offered title insurance as a workaround. We are happy with insurance and will pay for it. Our property lawyer has advised that he must check that the mortgage company is content with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
I have today made my last payment due on my mortgage with Barclays. I assume I don't need a Neath solicitor on the Barclays panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Barclays mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Barclays mortgage from the register. Barclays, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Barclays has sent the Land Registry the discharge electronically, and
- Barclays has instructed the Land Registry to do so
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Neath bank branch on a couple of occasions and was told it does not impact the mortgage offer and they would lend. My Neath conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they will not lend in accordance with their published requirements. I simply don't know who is right.
As long as the conveyancing practitioner is on the mortgage company approved list, she or he must comply with the CML Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
After much negotiation I have agreed a price on an apartment in Neath. My mortgage broker recommended their conveyancers. I paid an advanced payment of £175. A couple of days later, the conveyancer called me embarrassingly acknowledging that they were not on the Lloyds conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Lloyds panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
How does the Landlord & Tenant Act 1954 impact my commercial offices in Neath and how can you help?
The 1954 Act provides security of tenure to commercial leaseholders, granting the dueness to apply to court for a new tenancy and remain in occupation at the end of an expired lease. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Neath is one of the many locations in which our lawyers are located
My husband and I are 3 weeks into a leasehold purchase having been recommend to solicitors by the selling agent to handle our conveyancing in Neath. I am am very disappointed with the level of service. Can you help me find new conveyancers?
They would have to be very poor to suggest diss instructing them. Has your mortgage been issued? In the event that it has you must advise them of the new contact details and get the offer are re-issued. Your new solicitor ideally needs to be on the banks approved list to avoid escalating expenses and frustration. That should be your first question of the new lawyers. Our search tool can assist you in finding a bank approved conveyancer for your conveyancing in Neath
Can you provide any advice for leasehold conveyancing in Neath with the intention of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Neath can be reduced if you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the purchasers’ representatives. In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Neath state that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. If you fail to have the paperwork to hand do not communicate with the landlord without contacting your solicitor in advance. The majority of landlords or Management Companies in Neath charge for supplying management packs for a leasehold home. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Neath. If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share certificate. Organising a duplicate share certificate is often a time consuming process and slows down many a Neath home move. Where a reissued share certificate is required, you should approach the company officers or managing agents (where applicable) for this sooner rather than later.
I inherited a basement flat in Neath, conveyancing was carried out in 2012. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Neath with a long lease are worth £185,000. The ground rent is £65 charged once a year. The lease finishes on 21st October 2085
You have 61 years left to run the likely cost is going to range between £19,000 and £22,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
We have selected a Neath conveyancing solicitor for our home move (novice purchasers) and have picked up in the Ts and Cs that they are not governed by the Financial Conduct Authority. Should I be concerned or is that the norm with conveyancing practitioner?
We can't see why they should be. Most lawyer don't lend money. They will be governed by the Solicitors Regulation Authority, who dictate strict rules in relation to monies held by them.