My partner and I are looking to acquire a flat in Neath Abbey and have appointed a Neath Abbey conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Platform Home Loans Ltd have this afternoon contacted us to advise us that they have now hit a problem as our Neath Abbey solicitor is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Neath Abbey lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
My wife and I are acquiring a newly built flat in Neath Abbey and my solicitor is advising me that she has to the lender to reveal incentives from the builder. I am under pressure to sign contracts and my preference is not to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
It has been three months following my purchase conveyancing in Neath Abbey concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
The estate agent has sent us the confirmation of our purchase of a new build flat in Neath Abbey. Conveyancing is a frightening process 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 conveyancing.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Neath Abbey
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Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I am looking for a ground for flat up to £305k and identified one near me in Neath Abbey I like with amenity areas and station nearby, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Neath Abbey for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan that many years will be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
Given that I will soon part with 450k on a terraced house in Neath Abbey I would like to have a conversation with the lawyer about myconveyancing ahead of instructing the firm. Can this be arranged?
Absolutely - it is our preference to talk to you we do not take any clients on without you speaking to the lawyer due to be carrying out your property ownership legalities in Neath Abbey.There is no ‘factory style conveyancing’ - every client is unique person, not a file number. The practices that we put you in touch with believe that the figure you are calculated and presented to you for your conveyancing in Neath Abbey should be the amount on the final invoice that you end up paying.