My husband and I are buying a 3 bedroom flat in Aberaeron with a mortgage. We wish to retain our Aberaeron conveyancer, but the lender advise he's not on their "panel". It seems we have no choice but to instruct one of the mortgage company panel solicitors or keep our Aberaeron conveyancing practitioner and pay for one of their panel ones to represent them. We regard this is inequitable; are we not able to demand that the lender use our Aberaeron conveyancer ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Aberaeron conveyancing solicitor to apply to be on the conveyancing panel.
My son-in-law is about to exchange on a new build apartment in Aberaeron with a home loan from Leeds Building Society. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Leeds Building Society conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Finally the sale completed on my house in Aberaeron last October but my buyer keeps telephoning daily complaining that their lawyer is waiting to hear from mylawyer. What should have happened following completion?
Following your house sale your lawyer is obliged to send the transfer documentation and all of the paperwork to the purchaser's conveyancer. If applicable, your conveyancer should also send confirmation that the legal charge in favour of the lender has been discharged to the buyers lawyers. There is unlikely to be post completion formalities just for conveyancing in Aberaeron.
I have an AIP. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to appoint their panel conveyancer as I would much rather appoint a Aberaeron based conveyancing firm?
Do check but the chances are that allocate you one of their panel conveyancers if you take up the "fee-free" offer. Call the lender and check if they allow a monetary alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor near Aberaeron.
I am buying a new build apartment in Aberaeron. Conveyancing is a frightening process 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 conveyancing.
Here are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Aberaeron
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Aberaeron. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Aberaeron ?
Most houses in Aberaeron are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Aberaeron in which case you should be looking for a Aberaeron conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should appraise you on the various issues.
I acquired a garden flat in Aberaeron, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Aberaeron with an extended lease are worth £206,000. The ground rent is £45 per annum. The lease terminates on 21st October 2091
You have 66 years left to run we estimate the price of your lease extension to span between £11,400 and £13,200 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.