I have an AIP. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to appoint their panel solicitor as I would prefer to appoint a Blaina based conveyancing firm?
You should check but the the likelihood is that allocate you one of their panel conveyancers where you take up the "fee-free" offer. Speak to the lender and explore if they make available a monetary alternative. In the past a few mortgage companies offered a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor near Blaina.
I am helping my sister sell her flat in Blaina. Will the solicitor commission an EPC or it is for the owner to see to?
After the abolition of Home Packs, EPC’s became a mandatory component of selling a house. An energy assessment must be commissioned in advance of the property being advertised. It is not as aspect of the sale process that conveyancers normally organise. Where you are using a Blaina conveyancing solicitor they may be willing to arrange EPC’s due to their contacts with long established Blaina energy assessors
I currently have a mortgage with Bank of Ireland for my property in Blaina. Conveyancing was finalised 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Bank of Ireland?
Your original mortgage agreement with Bank of Ireland will provide that you need their approval in advance of renting your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. It may be that Bank of Ireland will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. You need not do this via a Bank of Ireland conveyancing panel solicitor.
Planning on purchasing a house in Blaina. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Bank of Ireland conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Blaina solicitor is on the Bank of Ireland conveyancing panel.
I have a 4 bedroom Georgian house in Blaina. Conveyancing practitioner acted for me and Chelsea Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, the second leasehold under the matching address. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Blaina and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with the conveyancing solicitor who conducted the conveyancing.
I have been on the look out for a leasehold apartment up to £235,500 and found one close by in Blaina I like with amenity areas and station in the vicinity, the downside is that it only has 52 years unexpired on the lease. There is not much else in Blaina in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan that many years will likely be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
I was recommended by a number of selling agents in Blaina to find a solicitor using your seach tool. Is there a financial upside for Estate Agents to promote your services over a competitor’s?
We refuse to give any financial incentive for sending work in our direction. We found it would be just too difficult a fee because members of the public would think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I work for a busy estate agency in Blaina where we have witnessed a few flat sales derailed due to short leases. I have been given inconsistent advice from local Blaina conveyancing firms. Could you confirm whether the vendor of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 invested in buying a 1st floor flat in Blaina, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Blaina with an extended lease are worth £171,000. The ground rent is £50 charged once a year. The lease terminates on 21st October 2104
You have 79 years remaining on your lease we estimate the price of your lease extension to span between £7,600 and £8,800 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.