Two weeks ago we had a mortgage agreed in principle with HSBC. Rhayader conveyancing solicitors were chosen. How long does it take for HSBC to forward the offer to the lawyer?
Some lenders take longer than others. Have HSBC completed the survey? Have you informed HSBC as to your lawyers' details and checked that your lawyers are on the HSBC conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have decided to exercise my right to buy my property in Rhayader off the council. I have a mortgage agreed with UBS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with UBS, you will need to appoint a solicitor on the UBS conveyancing panel.
Bank of Ireland have agreed my mortgage in principle, my offer on a apartment in Rhayader has been accepted, what are the next steps?
The property agent will want to be advised as to your conveyancer's details (ensure that the property lawyers are on the bank’s approved list). Contact Bank of Ireland or the broker and finish off any relevant paperwork. Bank of Ireland will sellect a valuer who will get in touch with the estate agent or vendor to book a slot for the valuation to happen. Once conducted (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Bank of Ireland will issue the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Rhayader.
I am purchasing a house and the solicitor has mentioned Chancel Repair to which the house may be liable given it’s proximity to the area of such a church. She has mentioned insurance. Is this really necessary for conveyancing in Rhayader
Unless a previous acquisition of the house completed post 12 October 2013 you could expect conveyancing practitioners conducting conveyancing in Rhayader to remain recommending a chancel search and or chancel repair liability policy.
I used Wolstenholmes several years past for my conveyancing in Rhayader. I now require my papers however the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Rhayader of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am looking for a flat up to £305k and identified one near me in Rhayader I like with amenity areas and transport links in the vicinity, however it's only got 49 years unexpired on the lease. I can't really find anything else in Rhayader in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan that many years will likely be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you can request that they 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 consult your conveyancing lawyer regarding this matter.
I am attracted to a couple of apartments in Rhayader which have in the region of 50 years unexpired on the leases. should I be concerned?
There are plenty of short leases in Rhayader. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease deteriorates and it becomes more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this field.
I purchased a garden flat in Rhayader, conveyancing having been completed in 2005. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Rhayader with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £45 yearly. The lease ceases on 21st October 2099
With 74 years unexpired the likely cost is going to span between £8,600 and £9,800 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
Me and my fiance are soon to exchange buying a property in Rhayader but as a result of wreckage from the recent storms I have agreed recompense from the owner of £3k by way of a deduction in the price. This was going to be addressed as part of the conveyancing process yet the bank will not permit this. Should they have been involved?
Your lawyer listed on a mortgage company approved list is required to inform the bank of any changes to the purchase figure. In the event that you were to refuse your property lawyer to disclose the reduction to your mortgage company then they would have no choice but to refrain from acting for you and the lender.