I am in the market for a reasonably priced conveyancer. Should I go for for an online conveyancer rather than a local Port Talbot conveyancing solicitor?
Established third party connections are another important factor to consider when appointing conveyancing lawyers. Port Talbot law firms benefit from long term relationships with lenders and agents, local authorities, valuers and other law firms meaning you will move in shortest possible time. Having a wealth of intelligence of the local area is an advantage.
I am being advised by my conveyancer that lack of planning permission insurance is required on my purchase. What is the level of cover for Port Talbot conveyancing?
The right level of lack of planning permission indemnity insurance should be dictated by who who your lender is. It would differ for example between Nationwide Building Society and Virgin Money. Conveyancing practitioners as opposed to members of the public take out such insurances.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Port Talbot bank branch on a couple of occasions and was informed it wasn't a problem and they would lend. My Port Talbot conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Your solicitor must follow the CML Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am due to exchange contracts on my apartment. I had a double glazing fitted in February 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Virgin Money are being pedantic. The Port Talbot solicitor who is on the Virgin Money conveyancing panel is recommending indemnity insurance as a solution but Virgin Money are requiring a building regulation certificate. Why do Virgin Money have a conveyancing panel if they don't accept advice from them?
It is probably the case that Virgin Money have referred the matter to their valuer. The reason why Virgin Money may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
How does conveyancing in Port Talbot differ for newly converted properties?
Most buyers of new build property in Port Talbot approach us having been asked by the builder to exchange contracts and commit to the purchase even before the property is completed. This is because builders in Port Talbot tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Port Talbot or who has acted in the same development.
How simple is it to switch firm as I need to retain one who is on the Nationwide Building Society conveyancing panel. I instructed a local conveyancing solicitor in Port Talbot round the corner but the firm is not approved by Nationwide Building Society
It would be our pleasure to help you find a conveyancing solicitor in Port Talbot on the Nationwide Building Society panel. Please note that the law firms that we list do not pay us commission if you instruct them and are registered with the SRA who oversee all conveyancing solicitors in Port Talbot. Using search facility on this website, you can contrast costs for conveyancing solicitors in Port Talbot and throughout England and Wales.
I work for a reputable estate agent office in Port Talbot where we have witnessed a number of leasehold sales jeopardised due to short leases. I have been given inconsistent advice from local Port Talbot conveyancing firms. Please can you shed some light as to whether the owner of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I acquired a 1st floor flat in Port Talbot, conveyancing having been completed January 2009. Can you work out an approximate cost of a lease extension? Corresponding flats in Port Talbot with an extended lease are worth £197,000. The ground rent is £55 yearly. The lease finishes on 21st October 2078
With 55 years left to run we estimate the price of your lease extension to span between £31,400 and £36,200 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
We have been told by many friends to expect 6-8 weeks for Port Talbot conveyancing to complete.This was 3 ago. The paperwork was only received to my solicitor a few days ago so now does it countdown?
You should be pragmatic about timing. Property transactions in Port Talbot takes on average about two months. This time period is not because conveyancing practitioner are slow and deliberately delay matters. The level of money involved in buying any residence is so high, the buyer’s solicitor needing to raise a whole range of queries, searches and other checks to protect the buyer and their mortgage company (if there is to be a home loan) from expensive, avoidable problems. These checks involves obtaining information from various third parties, for example other conveyancing practitioner, local councils, private companies, mortgage companies. Many of these are well organised. Others are not. Finally, it doesn't matter how quickly your lawyer do their part, if the people you are buying from or are selling to aren't ready, nothing can go ahead until they are up to speed.