I am buying a leasehold flat in Blaenau Gwent. My property lawyer has never been on on the lender approved panel. Is it possible for me to appoint my Blaenau Gwent conveyancing solicitor notwithstanding that they are not on the lender panel of approved conveyancing solicitors?
You will need to use a conveyancing practitioner to complete the formalities when you take out a mortgage to buy your property. They will conduct all the essential due diligence on the property, make sure that you will be properly registered as the owner and ensure that all the necessary mortgage paperwork is dealt with. You may appoint a Blaenau Gwent conveyancing practitioner of your choosing. Nevertheless, where the lawyer appointed is not on the lender approved list supplemental fees will arise as separate legal representation will be need by the lender. Lender panel applications can be submitted, so provided your lawyer has not in the past sought membership they should do so.
I own a freehold property in Blaenau Gwent yet invoiced for rent, why is this and what is this?
It is rare for properties in Blaenau Gwent and has limited impact for conveyancing in Blaenau Gwent but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
A colleague pointed out to me me that in buying a property in Blaenau Gwent there may be a number of restrictions prohibiting external alterations to the property. Is this right?
We are aware of a number of properties in Blaenau Gwent which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Blaenau Gwent should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
My conveyancer has informed me that absentee landlord insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Blaenau Gwent?
The right level of absentee landlord indemnity insurance should be dictated by who your lender. It would differ for example between Accord Mortgages Ltd and Coventry Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
is it true that all Blaenau Gwent solicitor practices on the Bank of Ireland conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Bank of Ireland approved list of solicitors they would need to be governed by the SRA. Many lenders do allow licenced conveyancers on their panel and in that case the firms would be governed by the CLC.
What will a local search reveal regarding the house my wife and I buying in Blaenau Gwent?
Blaenau Gwent conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search company such as Xpress Legal The local search is essential in every Blaenau Gwent conveyancing purchase; that is if you don’t want any nasty once you have moved into your property. The search should reveal information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject headings.
I am a negotiator for a long established estate agency in Blaenau Gwent where we have experienced a number of leasehold sales derailed due to short leases. I have received contradictory information from local Blaenau Gwent conveyancing solicitors. Could you confirm whether the vendor of a flat can start the lease extension formalities 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
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 buyer.
I am the registered owner of a studio flat in Blaenau Gwent, conveyancing was carried out 6 years ago. How much will my lease extension cost? Corresponding properties in Blaenau Gwent with an extended lease are worth £222,000. The ground rent is £50 yearly. The lease ceases on 21st October 2096
With only 70 years left to run we estimate the price of your lease extension to range between £9,500 and £11,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
Our lawyer in Blaenau Gwent has requested from me proof of ID documents saying that this forms part of his obligations as a solicitor on the mortgage company Solicitor panel. This is news to me - can I refuse?
Anti-terror and anti-money-laundering rules require Blaenau Gwent conveyancing solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that the mortgage company also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with the mortgage company's UK Finance Lenders’ Handbook requirements