What happens if my lawyer’s firm is removed from the Nationwide Conveyancing panel ahead of completing my conveyancing in Tredegar?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
A friend informed me that in buying a property in Tredegar there could be various restrictions preventing external changes to a property. Is this right?
We are aware of a number of properties in Tredegar which have some sort of restriction or requirement of consent to external alterations. Part of the conveyancing in Tredegar should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I'm the single beneficiary of my late grandmother’s estate and I have everything in my name now, including the house in Tredegar. Conveyancing formalities meant that the Land Registry date was in August. I now wish to sell up. I understand that there is a CML six month 'rule', which means that my proprietorship could be considered the same way as though I had purchased the property in August. Do I have to wait 6 months to sell?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. How practical a view lenders take of it, depend on the lender as this requirement is primarily there to pick up on subsales or the quick reselling of properties.
We previously appointed conveyancing lawyers located in Tredegar on the Leeds Building Society solicitor approved list. They are now charging me a separate amount for dealing with the Leeds Building Society mortgage. Is this an additional conveyancing fee set by Leeds Building Society?
As unfair as it may appear, as long as it’s in their Terms and Conditions or estimate then yes your conveyancer can levy a fee for this. This charge is not set by Leeds Building Society but by your Tredegar property lawyer. Numerous firms on the Leeds Building Society panel will levy an ‘acting for lender’ fee but many firms incorporate it on their overall fee.
My friend advised me that if I am buying in Tredegar I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Tredegar conveyancing searches. It is not a small document of about 40 pages, listing and setting out significant information about Tredegar around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Tredegar Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Tredegar Education with maps and statistics, Local Amenities and other useful information concerning Tredegar.
I'm purchasing a new build house in Tredegar with a loan from Accord Mortgages Ltd. The sellers would not budge the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent suggested that I not reveal to my lawyer about the extras as it will jeopardize my mortgage with the lender. Should I keep quiet?.
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.
In my capacity as executor for the estate of my father I am selling a residence in Newport but I am based in Tredegar. My solicitor (approximately 260 kilometers awayrequires that I execute a statutory declaration prior to the transaction finalising. Can you recommend a conveyancing solicitor in Tredegar who can attest and place their company stamp on the document?
strictly speaking you should not be required to have the documents attested by a conveyancing solicitor. Normally or notary public or qualified solicitor will suffice regardless of whether they are Tredegar based
I own a leasehold house in Tredegar. Conveyancing and HSBC Bank mortgage organised. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Tredegar who previously acted has now retired. What should I do?
The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the new freeholder. It is not necessary to instruct a Tredegar conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I inherited a leasehold flat in Tredegar, conveyancing was carried out 8 years ago. How much will my lease extension cost? Equivalent flats in Tredegar with a long lease are worth £202,000. The ground rent is £60 invoiced every year. The lease comes to an end on 21st October 2079
You have 57 years unexpired we estimate the premium for your lease extension to be between £28,500 and £33,000 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. 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. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.