Me and my partner are buying a 1 bedroom apartment in Blaenavon with a mortgage. We have a Blaenavon solicitor, but the lender says he's not on their "panel". We have to appoint one of the mortgage company panel firms or continue with our Blaenavon lawyer and pay for one of their panel firms to represent them. This feels very unfair; can we not demand that the bank use our Blaenavon conveyancing practitioner ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Blaenavon conveyancing solicitor to apply to be on the conveyancing panel.
My fiancee and I are buying our first home. The conveyancer has texted usto enquire if we would like to purchase additional conveyancing searches. Frankly we in the dark as to what's appropriate for conveyancing in Blaenavon
The scope of Blaenavon conveyancing searches depends entirely on the property, the location, the possibility of any of these risks, your familiarity of the locality and risks, your general appetite to risk. What matters is that you properly understand what information the searches could provide. Then you can decide if you consider that you need that search. Should you be uncertain, ask your lawyer to advise.
Why do I have to pay up front for conveyancing in Blaenavon?
If you are buying a property in Blaenavon your solicitor will ask you place them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. If any deposit is as part of the purchase price then this should be asked for shortly in advance of contracts are exchanged. The final balance that is due will be payable a couple of days prior to the completion date.
My partner and I are close to exchanging contracts on the sale of our house in Blaenavon and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. A high street Blaenavon conveyancer would know this is not the case. For the life of me I don't know why the buyers used a national conveyancing practice rather than a conveyancing solicitor in Blaenavon. Having lived in Blaenavon for three years we know of no issue. Do we contact our local Authority to seek confirmation that there is no issue.
It would appear that you have a conveyancing firm currently acting for you. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
What makes a Blaenavon lease unacceptable for security purposes?
Leasehold conveyancing in Blaenavon is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain sections are wrong. The following missing provisions could result in a defective lease:
-
A duty to insure the building
You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Skipton Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.
I acquired a split level flat in Blaenavon, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Blaenavon with a long lease are worth £222,000. The ground rent is £50 levied per year. The lease finishes on 21st October 2095
You have 70 years remaining on your lease we estimate the price of your lease extension to be between £9,500 and £11,000 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.
Why can't I complete my conveyancing in Blaenavon on a bank holiday?
Because on completion the funds will pass between the banks of the purchaser and owner’s solicitor and at present this can only take place on a working day. So you can't complete on a saturday or sunday either.