We are approaching an exchange on a flat in Pontcanna and my mum and dad have transferred the 10% deposit to my property lawyer. I am now told that as the deposit has been sent from someone other than me my conveyancing practitioner needs to disclose this to my bank. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I disclosed to the lender about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The lawyer is duty bound to clarify with mortgage company to make sure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Is there a reason why leasehold purchase conveyancing in Pontcanna is more expensive?
Pontcanna 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.
We are purchasing a purpose built flat in Pontcanna with a loan from HSBC Bank.We would like to retain our Pontcanna conveyancing practitioner but HSBC Bank informed us he's not on their "panel". It seems we have no choice but to instruct a HSBC Bank panel firm or retain our local solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that conveyancers needs to be on the HSBC Bank conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for HSBC Bank
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one near me in Pontcanna I like with a park and railway links nearby, however it only has 51 remaining years left on the lease. There is not much else in Pontcanna for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage the shortness of the lease may be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
I am thinking of appointing a conveyancing solicitor in Pontcanna for my house move. Is there any facility to review a solicitor's record with the legal regulator?
Anyone can find documented Solicitor Regulator Association (SRA) determinations stemming from inquisitions started on or after 1 January 2008. Visit Check a solicitor's record. For details about the period before 1 January 2008, or to check a firm's record, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, call +44 (0)121 329 6800. The SRA could monitor call for training purposes.
I am intending to let out my leasehold apartment in Pontcanna. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Notwithstanding that your last Pontcanna conveyancing lawyer is no longer around you can review your lease to check if it allows you to sublet the premises. The accepted inference is that if the lease is silent, subletting is allowed. There may be a precondition that you need to seek consent from your landlord or some other party before subletting. The net result is you not allowed to sublet without first obtaining consent. The consent should not be unreasonably refused ore delayed. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I acquired a split level flat in Pontcanna, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Pontcanna with an extended lease are worth £180,000. The ground rent is £65 invoiced annually. The lease expires on 21st October 2083
You have 58 years left to run the likely cost is going to be between £22,800 and £26,400 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.