Our conveyancer has uncovered a a legal deficiency with the lease for the property we are buying in Blaenavon. The other side have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer has advised that he must ensure that the lender is content with this solution. Are we the client or is the mortgage company ?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the bank are the client. These conveyancing instructions have to be complied with.
We note that you have a search directory listing law firms on the TSB conveyancing panel. Do companies pay you a referral fee if I retain them for our conveyancing in Blaenavon?
We are a listing service only for law firms wishing to communicate if they are on the TSB conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Blaenavon.
The Blaenavon conveyancing firm that just started acting on my house acquisition in Blaenavon have without warning shut down. I only went with them because I had to have a solicitor on the Principality conveyancing panel and my preferred Blaenavon lawyer was not. I cut them a cheque for £250 in advance. What are my options?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Principality conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
Will our conveyancer be asking questions concerning flooding as part of the conveyancing in Blaenavon.
The risk of flooding is if increasing concern for solicitors conducting conveyancing in Blaenavon. There are those who purchase a property in Blaenavon, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Conveyancers are not best placed to impart advice on flood risk, but there are a number of searches that may be initiated by the buyer or on a buyer’s behalf which should figure out the risks in Blaenavon. The standard completed inquiry forms sent to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a standard question of the owner to find out whether the property has ever been flooded. If the property has been flooded in past and is not notified by the seller, then a buyer could commence a claim for damages resulting from an inaccurate response. The purchaser’s solicitors may also order an environmental search. This will reveal if there is any known flood risk. If so, further inquiries should be initiated.
I am looking into buying my first house which is in Blaenavon and I am already nervous. I couldn't find anything specific about Blaenavon. Conveyancing will be needed in due course but do you know about the Blaenavon area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Blaenavon. In the meantime here are some basic statistics that we found
What are the common problems that you encounter in leases for Blaenavon properties?
There is nothing unique about leasehold conveyancing in Blaenavon. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
-
Clauses dealing with recovering service charges for expenditure on the building or common parts. Service charge per centages that don't add up correctly leaving a shortfall
You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, The Mortgage Works, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.
I am the registered owner of a leasehold 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? Equivalent properties in Blaenavon with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease terminates on 21st October 2095
With 70 years left to run the likely cost is going to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs 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 concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.