Our Pencoed solicitor has uncovered a discrepancy when comparing the surveyor’s assumptions in the home valuation survey and what is in the title deeds. My lawyer informs me that he is obliged to check that the lender is OK with this discrepancy and is still content to lend. Is my conveyancer’s stance right?
Your solicitor must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I purchased a freehold residence in Pencoed but nevertheless pay rent, why is this and what is this?
It is rare for properties in Pencoed and has limited impact for conveyancing in Pencoed but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
We are buying a apartment in Pencoed. I might seem paranoid but how we can trust a solicitor? On completion day we will need to send our life savings into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I have instructed a Pencoed solicitor having made sure that they are on the Principality conveyancing panel. Does my lawyer arrange the survey of the property?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Pencoed postcode. As you are getting a mortgage with Principality, you could contact them to see if they have a list of approved surveyors in Pencoed.
I have finally had an offer on a maisonette in Pencoed accepted, but there is a chain. The owners have placed an offer on a property, however it’s not been accepted yet, and have viewings of other properties booked. I have chosen a nearby conveyancing solicitor in Pencoed. What should be my next step? At what stage should I apply for the mortgage with HSBC?
It is normal to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of one thousand pounds, then survey, Pencoed conveyancing search costs, etc). The first thing to do is ensure that your conveyancer is on the HSBC approved list. Regarding the next phase this very much dictated by the uniqueness of your case, desire for this property and on the state of the market. In a rising market some purchasers would apply for the mortgage with HSBC and arrange for the valuation and only if it was satisfactory would they pay their property lawyer to move forward with searches.
I am close to exchanging contracts on the sale of our property in Pencoed and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. A local lawyer would know this is not the case. For the life of me I don't know why the purchasers instructed a national conveyancing firm as opposed to a conveyancing solicitor in Pencoed. Having lived in Pencoed for 5 years we know of no issue. Should we get in touch with our local Authority to obtain clarification need.
It would appear that you have a conveyancing solicitor currently acting for you. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I am buying a new build flat in Pencoed. Conveyancing is daunting 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 legal work.
Set out below are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Pencoed
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Please confirm the Lease plans are architect prepared. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Forfeiture - bankruptcy or liquidation must not apply under this provision. 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.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one near me in Pencoed I like with open areas and transport links nearby, the downside is that it only has 49 years on the lease. There is not much else in Pencoed for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage the shortness of the lease may be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you can ask them to 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 solicitor concerning this matter.