I have just been advised by my mortgage broker that my Blaenau Gwent property lawyer is not on the lender Conveyancing panel. How can I check?
The best course of action for you to take is to contact your Blaenau Gwent conveyancer. It is reasonable to expect your lawyer to inform you what has happened. If they are not on the panel they may recommend you to a Blaenau Gwent conveyancing practice that is on the approved list of lawyers for your lender.
We were just about to exchange contracts for a property in Blaenau Gwent. We encountered a snag. The loan offer with Platform Home Loans Ltd expires on 17/3/2026 but the owners are putting forward a completion date of 19/3/2026. Can one prolong the loan offer?
The best person to deal with your concern is your solicitors who will hopefully calculate if they should be discussing with the mortgage broker, vendor’s solicitors, estate agents or conceivably all parties taking into account what has happend in your house move to date.
In what way does my ID and proof of funds have anything to do with my conveyancing in Blaenau Gwent? What am I being asked for?
In order to comply with Money Laundering Regulations any Blaenau Gwent conveyancing firm will require evidence of your identity in all conveyancing matters. This is usually satisfied by provision of a passport and an original bank statement or utility bill evidencing where you live.
In accordance with Money Laundering Regulations, conveyancing solicitors are obliged by law to validate not simply the identity of conveyancing clients but also the origin of monies that they receive in respect of any matter. An unwillingness to disclose this will lead to your lawyer ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to make a disclosure to the relevant authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
I have been on the look out for a leasehold apartment up to £235,500 and found one close by in Blaenau Gwent I like with open areas and station nearby, however it only has 52 years on the lease. I can't really find anything else in Blaenau Gwent suitable, so just wondered if I would be making a mistake buying a short lease?
If you need a home loan that many years will likely be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
Is it possible to switch conveyancer as I have to retain a firm on the Nationwide Building Society conveyancing panel. I instructed a local conveyancing solicitor in Blaenau Gwent five minutes from me but the firm is not approved by Nationwide Building Society
We will our best to assist in finding you a conveyancing solicitor in Blaenau Gwent on the Nationwide Building Society panel. Please note that the conveyancers that we list do not pay us a referral fee if you instruct them and are fully regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Blaenau Gwent. Using the find a conveyancing solicitor tool on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Blaenau Gwent.
I am tempted by the attractive purchase price for a couple of apartments in Blaenau Gwent both have approximately 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Blaenau Gwent is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most purchasers and banks, leases with less than 75 years become less and less attractive. 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 premises 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 a residence 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 Blaenau Gwent conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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 bought a 1st floor flat in Blaenau Gwent, conveyancing formalities finalised in 2004. Can you work out an approximate cost of a lease extension? Similar properties in Blaenau Gwent with over 90 years remaining are worth £190,000. The ground rent is £45 invoiced every year. The lease ceases on 21st October 2088
With only 62 years remaining on your lease we estimate the price of your lease extension to span between £17,100 and £19,800 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.