The Solva conveyancing firm handling our Solva conveyancing has identified an inconsistency when comparing the assumptions in the valuation survey and what is in the conveyancing documents. My solicitor says that he must ensure that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s course or action right?
Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
When it comes to lenders such as Nottingham, do Solva property lawyers have to pay a yearly amount to be on the conveyancing panel?
We are not aware of any mortgage company fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I have today made my last payment due on my mortgage with Nationwide. I assume I don't need a Solva property lawyer on the Nationwide panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Nationwide mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nationwide mortgage from the register. Nationwide, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nationwide has sent the Land Registry the discharge electronically, and
- Nationwide has instructed the Land Registry to do so
My sealed bid on a semi in Solva has been agreed to, but there is a chain. The owners have placed an offer on a property, however it’s not yet agreed to, and are looking at other flats in the pipeline. I have chosen a local conveyancing solicitor in Solva. What should be my next step? At what point should I apply for the mortgage with RBS?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of one thousand pounds, then survey, Solva conveyancing search charges, etc). First, you should ensure that your solicitor is on the RBS approved list. Regarding the subsequent stages this very much depends on the specifics of your transaction, attraction to the property and on the state of the market. In a rising market many buyers will apply for a home loan with RBS and pay for the valuation and only if it was satisfactory would they pay their property lawyer to move forward with the conveyancing in Solva.
My wife and I own a semi-detached Victorian property in Solva. Conveyancing practitioner represented me and Norwich and Peterborough Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, another for leasehold under the exact same address. I'd like to know for sure, how can I find out??
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Solva and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with your conveyancing solicitor who conducted the conveyancing.
I am buying my first flat in Solva with the aid of help to buy. The sellers refused to move on the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep advised me not disclose to my solicitor about the deal as it may adversely affect my loan with the lender. Do I keep my lawyer in the dark?.
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.
We are four weeks into a residential purchase having been referred to conveyancers by the local agent to handle our conveyancing in Solva. I am not happy. Could you you assist me in finding new solicitors?
A lawyer would need to be very bad to suggest changing them. Has the mortgage offer been issued? In the event that it has you need to advise them of the replacement lawyer and get the mortgage documents are issued to the new lawyers. The conveyancer needs to be on the mortgage company panel to avoid supplemental expenses and delays. So that should be your first question of the new conveyancers. The search tool should help you find a bank approved lawyer for your conveyancing in Solva
I've found a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Solva. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Solva ?
Most houses in Solva are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Solva so you should seriously consider shopping around for a Solva conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer will report to you on the legal implications.
I purchased a garden flat in Solva, conveyancing having been completed in 2006. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Solva with a long lease are worth £260,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease expires on 21st October 2099
You have 75 years left to run the likely cost is going to range between £8,600 and £9,800 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 the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt 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 take any other action placing reliance on this information before getting professional advice.