I am about to complete buying a house in Tonypandy but as a result of wreckage from the recent storms I have managed to agree compensation from the current proprietors in the sum of £3k in the form of a adjustment in the price. I had intended this to be dealt with as part of amending the contract but Bank of Ireland will not agree to this. Why were they notified?
Any conveyancing practitioner being on the Bank of Ireland conveyancing panel is duty bound to inform Bank of Ireland of any variations to the purchase price. If you prohibit your solicitor to disclose the reduction to Bank of Ireland then they would have to discontinue acting for you. In addition, Bank of Ireland and you would have to appoint a new lawyer for your conveyancing in Tonypandy.
How up to date is your search tool for Tonypandy conveyancing solicitors on the Skipton conveyancing panel? Do Skipton send you an updated list?
Tonypandy conveyancing firms themselves provide us confirmation that they are on the Skipton conveyancing panel as opposed to being supplied with a list from Skipton directly.
I am buying a new build house in Tonypandy with the aid of help to buy. The developers would not move on the amount so I negotiated £7000 of additionals instead. The house builders rep suggested that I not to tell my lawyer about this deal as it may affect my mortgage 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.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one close by in Tonypandy I like with open areas and railway links in the vicinity, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Tonypandy for this price, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
I am thinking of appointing a conveyancing lawyer in Tonypandy for my sale. Is there any facility to review a firm’s complaints history with the profession’s regulator?
Members of the public may review documented Solicitor Regulator Association (SRA) determinations resulting from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find records about the period before 1 January 2008, or to check a firm's record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, dial +44 (0)121 329 6800. The regulator sometimes monitor telephone calls for training requirements.
I am looking at a two flats in Tonypandy which have about 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Tonypandy is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most purchasers and lenders, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Tonypandy conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a ground floor flat in Tonypandy, conveyancing was carried out April 2004. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Tonypandy with an extended lease are worth £175,000. The average or mid-range amount of ground rent is £65 yearly. The lease terminates on 21st October 2083
You have 58 years unexpired we estimate the price of your lease extension to be between £23,800 and £27,400 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.