I am progressing with the sale of my ground floor flat in Barry and the EA has just e-mailed to warn that the purchasers are switching property lawyer. The reason given is that the bank will only work with solicitors on their conveyancing panel. On what basis would a major mortgage company only work with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Barry ?
UK lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders justify this action to a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any sway in the decision.
My brother and I have recently purchased a property in Barry. We have since encountered a number of problems with the house which we consider were omitted in the conveyancing searches. Do we have any recourse? Can you clarify the type of searches that should have been carried out for conveyancing in Barry?
It is not clear from the question as what problems have arisen and if they are specific to conveyancing in Barry. Conveyancing searches and due diligence undertaken as part of the buying process are designed to help avoid problems. As part of the process, a seller fills in a document referred to as a SPIF. answers ends up being inaccurate, you could possibly take legal action against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Barry.
I am selling my flat in Barry. Does the property lawyer need to be on the Nottingham conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Nottingham conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently currently.
I am purchasing a victorian detached house in Barry. We would like to an extension at the rear at the house.Will the conveyancing process involve enquiries to determine if these alterations are permitted?
Your property lawyer will check the deeds as conveyancing in Barry can occasionally identify restrictions in the title documents which prevent certain changes or necessitated the permission of another owner. Certain extensions need local authority planning consent and approval under the building regulations. Certain areas are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. It would be sensible to check these things with a surveyor ahead of any purchase.
Can you point me to a directory of Virgin Money panel conveyancers in Barry on the Council of Mortgage Lender’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. Very few banks make their panel listings open the public on the web. Where you are looking for a Barry solicitor on the Virgin Money please use our tool.
After what seems like an age I have had an offer on a flat in Barry accepted, the sellers do however have a connected purchase. The sellers have placed an offer on on an apartment, but it’s not yet tied up, and are looking at other flats in the pipeline. I have selected a bricks and mortar conveyancing solicitor in Barry. What do I do now? At what stage should I apply for the mortgage with RBS?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is in the region of one thousand pounds, then survey, Barry conveyancing search costs, etc). The first thing to do is ensure that your conveyancing practitioner is on the RBS conveyancing panel. Concerning the next stages this very much depends on the specifics of your case, desire for the property and on the state of the market. During a rising market some home buyers will apply for a home loan with RBS and pay for the valuation and only if it was satisfactory would they ask their solicitor to move forward with searches.
Just had an offer accepted on a new build apartment in Barry. Conveyancing is a frightening process 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 conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Barry
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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. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. 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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision.
I am looking at a two maisonettes in Barry both have approximately fifty years remaining on the lease term. should I be concerned?
There is no doubt about it. A leasehold apartment in Barry is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most purchasers and lenders, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Barry conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a ground floor flat in Barry, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Barry with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease finishes on 21st October 2093
With only 67 years remaining on your lease we estimate the price of your lease extension to range between £10,500 and £12,000 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 without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.