Our conveyancer has identified a a legal deficiency with the lease for the flat we are purchasing in Neath Port Talbot. The other side have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor has advised that he must be satisfied that the bank is content with this solution. Who is the client here, us or the lender?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the lender are the client. These conveyancing instructions have to be complied with.
Can you explain why leasehold purchase conveyancing in Neath Port Talbot costs more?
Neath Port Talbot leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
My Solicitor in Neath Port Talbot is not on the Britannia Approved Panel. Is it possible for me to use my prefered solicitor even though they are not on the Britannia list of approved lawyers?
Your options are as follows:
- Carry on with your existing Neath Port Talbot lawyers but Britannia will need to use a lawyer on their list of acceptable firms. This will result in additional overall legal fees as well as result in delays.
- Choose a new lawyer to to deal with the conveyancing, remembering to check they are on the Britannia panel
It has been 2 months since my purchase conveyancing in Neath Port Talbot completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. 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 asset 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.
I am purchasing my first flat in Neath Port Talbot benefiting from help to buy. The builders would not move on the amount so I negotiated £7000 of fixtures and fittings instead. The property agent advised me not reveal to my lawyer about the extras as it will adversely affect my loan with Alliance & Leicester . 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.
I am considering appointing an online conveyancer as opposed to a Neath Port Talbot conveyancing practice. Am I making a mistake?
Advantages do exist in having the opportunity to visit a local Neath Port Talbot conveyancing solicitor for example
- signing papers and and when necessary
- getting face-to-face explanations of issues that need explaining
- the ability to raise concerns if things go pear-shaped
When analysing estimates, look carefully for hidden extras. The majority decent Neath Port Talbot high street solicitors give an all-inclusive figure. Often online agents seem to offer low cost fees, yet have hidden 'extras' in the small print.