I am acquiring property in Tonteg. My lawyer has never been on on the lender solicitor list. Is it possible for me to continue with my Tonteg conveyancing solicitor notwithstanding that they are excluded from the lender approved list?
Various options include
- Proceed with your chosen Tonteg property lawyer but your bank will undoubtedly instruct a lawyer on their approved list. The net result is additional cost and likely frustration.
- Appoint a new lawyer to conduct the conveyancing, obviously checking they are on the lender conveyancing panel.
- Appeal to your lawyer to apply to join the lender panel
I am the registered owner of a freehold residence in Tonteg but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Tonteg and has limited impact for conveyancing in Tonteg but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Tonteg. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Tonteg
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply a car parking plan.
Due to the encouragement of my in-laws I had a survey completed on a house in Tonteg in advance of appointing solicitors. I have been informed that there is a flying freehold overhang to the property. My surveyor advised that some mortgage companies will not give a loan on this type of property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. If you contact us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Tonteg. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Tonteg to see if the conveyancing will be more expensive.
Am I better off to appoint a Tonteg conveyancing practitioner in close proximity to the house I am purchasing? An old friend can deal with the legal formalities however his firm is located 400kilometers drive away.
The benefit of a high street Tonteg conveyancing firm is that you can attend the office to sign paperwork, present your ID and apply pressure on them where appropriate. They will also have local intelligence which is a bonus. That being said it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and they were happy that must surpass using an unfamiliar Tonteg conveyancing lawyer solely due to them being local.
What makes a Tonteg lease problematic?
There is nothing unique about leasehold conveyancing in Tonteg. All leases are unique and legal mistakes in the legal wording can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
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Insurance obligations A provision to repair to or maintain elements of the building
You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Skipton Building Society, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.
I purchased a 2 bed flat in Tonteg, conveyancing was carried out 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Tonteg with an extended lease are worth £180,000. The ground rent is £65 per annum. The lease terminates on 21st October 2083
With only 59 years left to run we estimate the price of your lease extension to be between £20,900 and £24,200 plus plus your own and the landlord's "reasonable" 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 without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.