Me and my fiance are acquiring residence in Neath. My Solicitor has never been on on the bank approved panel. Can I still appoint my Neath conveyancing solicitor notwithstanding that they are excluded from the lender approved list?
You must have a property lawyer to complete the legal work required when you need a loan to buy your property. The lawyer will carry out all the essential due diligence on the property, make sure that you’re registered as proprietor and ensure that all the required mortgage documentation is dealt with. One could appoint a Neath conveyancing practitioner of your choosing. However, where the conveyancing practitioner selected is not a member of the bank solicitor panel supplemental charges will be incurred as separate legal representation will be need by the mortgage company. Bank panel applications can be submitted, so where your lawyer has not previously sought membership they should do so.
Are all Neath Conveyancing Quality Solicitors on the Principality conveyancing panel?
Some major lenders now utilise CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their panels.
When it comes to lenders such as TSB, do Neath lawyers face a fee to be on the list of approved solicitors?
We are not aware of any mortgage company fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
Barclays have agreed my mortgage in principle, my offer on a apartment in Neath has been agreed to, what are the next steps?
The property agent will need to be informed of your solicitor's details (be sure the lawyers are on the bank’s panel). Contact Barclays or your broker and complete any appropriate forms. Barclays will appoint a valuer who will get in contact with the estate agent or owners to book an appointment. Once carried out (assuming no problems) it takes about a fortnight to receive the mortgage offer. Barclays will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Neath.
Just had an offer accepted on a new build flat in Neath. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Neath
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There must be mutual enforceability of lessee’s covenants. 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. Please supply a car parking plan. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. 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.
I have been on the look out for a leasehold apartment up to £235,500 and found one near me in Neath I like with open areas and transport links in the vicinity, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Neath in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a home loan the shortness of the lease will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
I have been recommended by numerous estate agents in Neath to select a conveyancer on your site. What’s the financial upside for Estate Agents to market your services ahead of alternative conveyancing organisations?
We don’t offer any commission for directing people in our direction. We found it would be just too difficult a fee as members of the public would think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
Can you provide any top tips for leasehold conveyancing in Neath from the point of view of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Neath can be avoided if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information needed by the purchasers’ lawyers. You believe that you know the number of years remaining on your lease but you should verify this via your solicitors. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is below 75 years. In the circumstances it is important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. If you hold a share in a the freehold, you should ensure that you hold the original share certificate. Obtaining a re-issued share certificate is often a time consuming process and slows down many a Neath home move. If a new share certificate is necessary, you should approach the company director and secretary or managing agents (if applicable) for this at the earliest opportunity. If there is a history of any disputes with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic rather than ongoing.
Neath Conveyancing for Leasehold Flats - Examples of Queries Prior to buying
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What prohibitions are contained in the Neath Lease? How much is the ground rent and service charge? The answer will be useful as a) areas may cause problems in the building as the common areas may begin to deteriorate where repairs are not paid for b) if the tenants have an issue with the running of the building you will need to have full disclosure