Unfortunately I am unable to travel far from Blaenavon. Is there a reason why all Blaenavon property lawyers aren't included on all mortgage company panels?
Pre- 2008 most lenders demonstrated an approach to risk which differs from the current day. The Financial Services Authority in 2010 instigated a thematic review into fraud which in summary warned lenders: know the conveyancers on your panel. Accordingly, mortgage companies have subsequently looked to extract more data from law firms about their processes and the individuals employed by them and set certain criteria such as completing a minimum amount of transactions. Thousands of law practices have found themselves removed from lender panels even though they had 100% healthy disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the minimum amount of transactions the mortgage companies set.
My son is in the process of securing a newly built flat in Blaenavon with a home loan from Nottingham. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Nottingham conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Nottingham conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
As someone not used to the Blaenavon conveyancing process what’s the number one tip you can impart for the legal transfer of property in Blaenavon
You may not hear this from too many lawyers but conveyancing in Blaenavon and elsewhere in Torfaen is an adversarial process. In other words, when it comes to conveyancing there exists plenty of room for friction between you and others involved in the transaction. For instance, the seller, property agent and even potentially the bank. Appointing a solicitor for your conveyancing in Blaenavon an important selection as your conveyancer is your adviser, and is the SOLE person in the transaction whose role it is to act in your legal interests and to protect you.
We are witnessing a distinct emergence in the "blame" culture- someone must be at fault for the process being so protracted. You should always trust your lawyer above all other parties in the home moving process.
I am buying a new build flat in Blaenavon. 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 conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Blaenavon
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. There must be mutual enforceability of lessee’s covenants. Please confirm the Lease plans are surveyor prepared. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I have been on the look out for a ground for flat up to £245,000 and found one close by in Blaenavon I like with open areas and transport links in the vicinity, the downside is that it only has 61 remaining years left on the lease. There is not much else in Blaenavon suitable, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
I am hoping to exchange soon on a ground floor flat in Blaenavon. Conveyancing lawyers inform me that they are sending me a report on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Blaenavon should include some of the following:
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Responsibility for repairing the window frames Whether your lease has a provision for a reserve fund for major works? Who has the liability to repair and maintain the building. It is essential for you to know who is liable for the repair and maintenance of all parts of the block and communal areas You need to be advised what counts as a Nuisance in the lease Does the lease require carpeting throughout thus preventing wood flooring?
I purchased a 2 bed flat in Blaenavon, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Blaenavon with over 90 years remaining are worth £185,000. The ground rent is £65 charged once a year. The lease finishes on 21st October 2086
With 60 years unexpired we estimate the premium for your lease extension to range between £20,000 and £23,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.