I had intended to instruct a property lawyer in Barry for our house move. Our broker informed us that our bank Clydesdale won't deal with them. Why is this not regarded as unduly restrictive?
A mortgage company will require an approved conveyancer act for it. Borrowers are expected to bear the charges for this. Do use our directory service to locate a solicitor to conduct conveyancing in Barry on the Clydesdale conveyancing panel.
I am purchasing my first flat in Barry with a loan from The Royal Bank of Scotland. The builders would not move on the amount so I negotiated £7000 of extras instead. The house builders rep told me not reveal to my lawyer about the extras as it would put at risk my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 am looking for a leasehold apartment up to £195,000 and identified one round the corner in Barry I like with amenity areas and railway links in the vicinity, the downside is that it's only got 61 years on the lease. There is not much else in Barry for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage that many years may be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
I have been pointed in your direction by a number of property agents in Barry to select a conveyancer using your seach tool. What’s the financial inducement for Estate Agents to promote your services rather than alternative conveyancing organisations?
We refuse to give any financial incentive for sending work in our direction. We thought it would be too underhand a fee because a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
Having checked my lease I have discovered that there are only 72 years remaining on my flat in Barry. I now wish to extend my lease but my landlord is missing. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to track down the landlord. In some cases a specialist should be helpful to try and locate and to produce a report which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on proving the landlord’s absence and the vesting order request to the County Court covering Barry.
I am the registered owner of a 1 bedroom flat in Barry, conveyancing formalities finalised in 2003. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Barry with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease comes to an end on 21st October 2084
With only 59 years remaining on your lease we estimate the price of your lease extension to be between £20,900 and £24,200 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
My partner and I have just had an offer accepted on our 1st house in Barry, and are about to get solicitors lined up. We have utilised the various comparison based websites and the fee estimates are from all across the the UK. Is it necessary to have a Barry solicitor local to the potential new home? I am fine to do everything electronically, but I am thinking at some point we will need to physically go into the solicitor's office to sign papers?
The lawyer does not need to be in Barry, but opting for local means that you have the option to attend their offices if required, for instance, if a signature is immediately necessary. In addition, a Barry solicitor is likely to be familiar with local agents and (if the vendor has chosen a local conveyancing practitioner) with them, which will help keep things moving faster.