My wife and I are hoping to acquire a flat in Rudry and have instructed a Rudry conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Godiva Mortgages Ltd have this afternoon contacted us to inform me that they have now hit a problem as our Rudry conveyancer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Rudry solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
It is is a decade since I acquired my home in Rudry. Conveyancing lawyers have recently been retained on the sale but I can't locate the deeds. Will this cause complications?
Don’t worry too much. First the deeds may be kept by your lender or they could stored with the lawyers who oversaw the purchase. Secondly the chances are that the property will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors procuring current official copies of the land registers. Nearly all conveyancing in Rudry relates to registered property but in the unlikely event that your home is unregistered it is more of a problem but is not insurmountable.
I am buying my first flat in Rudry with a loan from Birmingham Midshires. The sellers refused to move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not disclose to my lawyer about the extras as it could impact my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the input of my in-laws I had a survey completed on a property in Rudry before retaining solicitors. I have been informed that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies tend refuse to grant a loan on a flying freehold home.
It varies from the lender to lender. Santander has different requirements from Halifax. If you contact us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Rudry. Conveyancing may be slightly more expensive based on your lender's requirements.
In scouring the internet for the phrase on line conveyancing in Rudry it shows results of many property lawyerslocally. How do I determine which is the suitable property lawyer for my move?
The preferential way of choosing the right conveyancer is via personal referral, so enquire of friends and relatives who have acquired a property in Rudry or a reputable estate agent or mortgage broker. Costs for conveyancing in Rudry vary, so it's sensible to request at least three costs illustrations from varying types of property lawyers. Be sure to secure confirmation that the costs are guaranteed not to rise.
Planning to complete next month on a leasehold property in Rudry. Conveyancing lawyers assured me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Rudry should include some of the following:
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Who has the liability to repair and maintain the main walls and foundations. It is important that you know which party is duty bound to repair and maintenance of every part of the building Responsibility for maintaining the window frames Your lawyers should enable you to have an understanding of the insurance obligations You should be sent a copy of the lease You must be advised what is to be regarded as a Nuisance in the lease
I invested in buying a studio flat in Rudry, conveyancing was carried out 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Rudry with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease comes to an end on 21st October 2078
With just 53 years left to run we estimate the price of your lease extension to range between £27,600 and £31,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.