My wife and I are buying a 2 bedroom flat in Baglan with a mortgage. We would like to retain our Baglan lawyer, but the mortgage company advise he's not on their "panel". It appears that we have no option but to instruct one of the bank panel firms or continue with our Baglan conveyancing practitioner as well as pay for one of their panel firms to represent them. This feels very unfair; can we not insist that the mortgage company use our Baglan conveyancer ?
No, not really. Your mortgage offer 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. A further alternative is for your Baglan conveyancing lawyer to apply to be on the conveyancing panel.
I am under pressure from the mortgagee in possession of a property in Baglan to complete within four weeks. What can I do to expedite matters?
In a situation where you are under a tight deadline for your conveyancing it is highly recommended that your conveyancer is familiar with the area as they will make use of local relationships and intelligence. It is possible that they would have conducted otherhouses in the same street. Therefore consider using a Baglan conveyancing firm. Second, make sure that the conveyancing firm is on the member panel. It is believed that just under twenty per cent of Baglan conveyancing deals are delayed or derailed after discovering a purchaser’s solicitor was not on their mortgage lender’s member panel. In many cases this discovery resulted in the legal transfer of property being held up by as much as three weeks. It is understood that this issue impacts in the region of 100,000 home moves every year. Many Baglan conveyancing firms can not represent certain banks so do check at the outset.
We are looking to buy a house and need a conveyancing solicitor in Baglan who is on the TSB solicitor panel. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for TSB . We don't recommend any particular firms conducting conveyancing in Baglan.
I am buying a new build apartment in Baglan. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Baglan
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. 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. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please confirm the Lease plans are surveyor prepared.
Due to the advice of my in-laws I had a survey completed on a house in Baglan prior to appointing lawyers. I have been informed that there is a flying freehold overhang to the property. Our surveyor has said that some lenders will not issue a loan on a flying freehold house.
It varies from the lender to lender. HSBC has different instructions for example to Birmingham Midshires. If you contact us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Baglan. Conveyancing may be slightly more expensive based on your lender's requirements.
I am employed by a busy estate agency in Baglan where we have experienced a few flat sales jeopardised due to short leases. I have received contradictory information from local Baglan conveyancing solicitors. Please can you confirm whether the owner of a flat can commence the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 inherited a 2 bed flat in Baglan, conveyancing was carried out in 1997. Can you work out an approximate cost of a lease extension? Equivalent properties in Baglan with a long lease are worth £185,000. The ground rent is £65 levied per year. The lease terminates on 21st October 2086
With only 60 years remaining on your lease we estimate the premium for your lease extension to span between £20,000 and £23,000 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues 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 getting professional advice.