My wife and I are nearing an exchange on a house in Sketty and my mum and dad have sent the exchange deposit to my property lawyer. I am now told that as the deposit has been received from someone other than me my conveyancer needs to make a notification to my bank. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
The conveyancer is duty bound to check with lender to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
My grandfather passed away 10 months ago and as sole heir and executor I was left the property in Sketty. The house had a relatively small loan remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Nationwide, pay off the mortgage. Is this possible?
If you intend to refinance then Nationwide will insist on your using a conveyancer on the Nationwide conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Nationwide conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Nationwide mortgage is registered as a charge at the Land Registry.
I am assisting my sister sell her property in Sketty. Does the conveyancer arrange the EPC or it is for the owner to coordinate?
After the demise of HIPs, energy performance certificates remained a compulsory component of selling a property. An energy performance certificate must be commissioned prior to the property being marketed. It is not something that conveyancers ordinarily arrange. If you are using a Sketty conveyancing practitioner they may be able to arrange EPC’s given their relationships with long established local energy assessors
My bid for a property was accepted at auction in Sketty. Conveyancing is needed. What are my next steps?
Now that you have exchanged you must appoint a conveyancing practitioner as a matter of priority as you now have a pending a fixed date to complete the property. All auction property should have a corresponding auction set of papers. This will include evidence of title and search results. If you have purchased leasehold property the conveyancing papers should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to leasehold premises. You must give this to the solicitor working for you at the earliest opportunity. You also need to ensure that you have funds in order to complete on the date specified in the contract.
Yorkshire BS have agreed my home loan in principle, my offer on a flat in Sketty has been accepted, now what?
The property agent will need to know who your solicitors are (ensure that the conveyancers are on the lender’s approved list). Call up Yorkshire BS or your financial adviser and finalise any appropriate paperwork. Yorkshire BS will appoint a valuer who will get in contact with the selling agent or seller to arrange an appointment. Once conducted (assuming no problems) it takes on average a week for the mortgage offer to be issued. Yorkshire BS will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Sketty.
It has been 2 months since my purchase conveyancing in Sketty completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How simple is it to use the search facility to find a conveyancing practitioner in Sketty on the panel for my lender?
Step one is to choose a mortgage company such as Accord Mortgages Ltd, Virgin Money or TSB then choose your preferred area e.g. Sketty. Conveyancing practices in Sketty and beyond should be identified.
I am on look out for some leasehold conveyancing in Sketty. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Sketty - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I purchased a ground floor flat in Sketty, conveyancing having been completed January 2009. How much will my lease extension cost? Comparable properties in Sketty with over 90 years remaining are worth £260,000. The ground rent is £45 charged once a year. The lease ends on 21st October 2100
With only 74 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.