I am in the process of refinancing my house in Pencoed, does my lawyer have to be on the Lloyds Conveyancing panel?
In theory, you could use a solicitor that is not on the Lloyds conveyancing panel, but Lloyds would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
We had instructed conveyancers located in Pencoed on the Aldermore solicitor approved list. They have just invoiced me a further sum for handling the Aldermore mortgage. Is this an additional conveyancing fee specified by Aldermore?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your solicitor can charge a fee for this. This fee is not dictated by Aldermore but by your Pencoed conveyancer. Plenty of firms on the Aldermore panel will levy an ‘acting for lender’ fee but some firms include it on their overall fee.
I am purchasing a property in Pencoed. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Aldermore be concerned?
As your lender is Aldermore your lawyer must check the formal instructions outlined in Part two of UK Finance Lenders’ Handbook for Aldermore. The Council of Mortgage Lenders’ Handbook stipulates minimum requirements for solar panel roof-space leases, and lawyers are required to report to Aldermore where a lease does not satisfy these requirements. The provisions relate to the installation of panels on properties nationwide and is not isolated to Pencoed.
I have paid off my mortgage with Santander. I assume I don't need a Pencoed conveyancing practitioner on the Santander panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Santander 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 Santander mortgage from the register. Santander, 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 Santander has sent the Land Registry the discharge electronically, and
- Santander has instructed the Land Registry to do so
Over the last few months I have been searching for a ground for flat up to £305k and identified one round the corner in Pencoed I like with a park and railway links in the vicinity, however it's only got 61 years unexpired on the lease. I can't really find anything else in Pencoed in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will likely be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
I have been sourcing a conveyancing lawyer in Pencoed for my home move. Is it possible to review a firm’s complaints history with the legal regulator?
Members of the public can search for presented Solicitor Regulator Association (SRA) determinations arising from investigations started on or after 1 January 2008. Visit Check a solicitor's record. To find details about the period before 1 January 2008, or to check a firm's record, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, use +44 (0)121 329 6800. The regulator sometimes recorded telephone calls for training purposes.
I am looking at a couple of flats in Pencoed which have approximately forty five years left on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a period of time. As the lease gets shorter the value of the lease deteriorates and it becomes more costly to extend the lease. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this area.
I invested in buying a leasehold flat in Pencoed, conveyancing having been completed October 2003. How much will my lease extension cost? Equivalent properties in Pencoed with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £65 levied per year. The lease comes to an end on 21st October 2083
With just 61 years remaining on your lease we estimate the price of your lease extension to range between £19,000 and £22,000 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.
Why can I not complete our conveyancing in Pencoed on Easter Monday?
Because on completion the sale price will be transferred electronically between the banks of the purchaser and owner’s lawyer and currently this can only occur on a business day. So you can't complete on a weekend either.