My wife and I are getting closer to an exchange on a flat in Abertillery and my parents have sent the 10% deposit to my lawyer. I am now informed that as the deposit has been received from someone other than me my property lawyer needs to disclose this to my bank. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the mortgage company about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
Your conveyancer is legally required to check with the bank to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I am considering applying for a Barclays mortgage for purchase of a newly converted (under development) in Abertillery with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Barclays ?
In theory, you could use a solicitor that is not on the Barclays conveyancing panel, but Barclays would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I am purchasing a new build house in Abertillery with a loan from Skipton Building Society. The developers refused to move on the amount so I negotiated £7000 of extras instead. The sale representative told me not disclose to my solicitor about the extras as it would affect my loan with the bank. 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.
I have been on the look out for a ground for flat up to £235,500 and identified one close by in Abertillery I like with amenity areas and transport links nearby, however it's only got 52 remaining years left on the lease. There is not much else in Abertillery suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you require a mortgage the remaining unexpired lease term may be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
I need to find a conveyancing solicitor for freehold conveyancing in Abertillery. I happened to land on a web site which seems to have the ideal offering If it is possible to get all this stuff completed via phone that would be preferable. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Abertillery. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Abertillery ?
The majority of houses in Abertillery are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Abertillery so you should seriously consider looking for a Abertillery conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your lawyer will report to you on the legal implications.
I acquired a ground floor flat in Abertillery, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Abertillery with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 per annum. The lease finishes on 21st October 2084
With just 59 years remaining on your lease we estimate the price of your lease extension to be between £20,900 and £24,200 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.