Our solicitor has identified a a problem with the lease for the apartment we are purchasing in Ammanford. The other side have suggested defective title insurance as a solution. We are content with insurance and will pay for it. Our conveyancer has advised that he must be satisfied that the bank is willing to move forward with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
What happens if my lawyer’s firm is expelled from the Nationwide Solicitor panel ahead of completing my conveyancing in Ammanford?
The first thing to point out is that, this is very unlikely to happen. 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.
My bid for a property was accepted at auction in Ammanford. Conveyancing is required. What are my next steps?
Having legally committed yourself to purchase you now have to find a conveyancing solicitor soon as you are faced with a fast approaching deadline in which to complete the deal. All auction property will have an associated legal set of papers. This should include evidence of title and search results. Where you are dealing with leasehold property the legal pack should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to a leasehold property. You should give this to your appointed conveyancing solicitor ASAP. Do make sure that your finances are in place to complete the transaction on the set completion date.
When it comes to mortgage companies such as Skipton, do Ammanford conveyancers have to pay a fee to be on the conveyancing panel?
We are unaware of any lender fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
My wife and I are in the process of viewing apartments in Ammanford and I am about to put in an offer. Is it advisable to have a lawyer on ‘stand by’? I intend to finance via a home loan with Skipton.
It would be wise to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the selling agent. Given that you are seeking a mortgage with Skipton, make sure you remember to check that your lawyer is on the Skipton conveyancing panel.
I have justdiscovered that Arc property Solicitors have been shut down. They conducted my conveyancing in Ammanford for a purchase of a freehold house 18 months ago. How can I establish that the property is registered correctly in the name of the former proprietor?
The quickest method to check if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Ammanford conveyancing specialists.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a simple, chain free conveyancing. Ammanford is where the house is located. What do you suggest?
Flying freeholds in Ammanford are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Ammanford you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ammanford may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I work for a long established estate agency in Ammanford where we have witnessed a few leasehold sales jeopardised due to short leases. I have been given conflicting advice from local Ammanford conveyancing solicitors. Can you confirm whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I purchased a garden flat in Ammanford, conveyancing having been completed 4 years ago. How much will my lease extension cost? Comparable flats in Ammanford with a long lease are worth £176,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2105
With 80 years left to run we estimate the premium for your lease extension to be between £8,600 and £9,800 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply 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 additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.