I have just been advised by my mortgage adviser that my Bridgend lawyer is not on the mortgage company Conveyancing panel. How can I be certain that this is indeed the case?
The sensible course of action for you to take is to contact your Bridgend lawyer directly. It is reasonable to expect your lawyer to inform you of the situation. If they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your bank.
I am the registered owner of a freehold house in Bridgend but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Bridgend and has limited impact for conveyancing in Bridgend 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
I have been told that property searches are the number one cause of hinderance in Bridgend house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays in the conveyancing process. Local searches are unlikely to feature in any delay in conveyancing in Bridgend.
Hoping to buy a property located in Bridgend and I am already nervous. I couldn't find anything specific about Bridgend. Conveyancing will be needed in due course but do you know about the Bridgend area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Bridgend. In the meantime here are some basic statistics that we found
I've recently bought a leasehold property in Bridgend. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Bridgend Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing
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How many of the leaseholders are in arrears for their service charge payments? If a Bridgend lease has fewer than 80 years it will affect the value of the flat. Check with your bank that they are willing to lend given the lease term. A short lease means that you will most likely have to extend the lease at some point and it is worth discovering what this would cost. For most Bridgendlease extensions you would be be obliged to have owned the residence for a couple of years in order to be legally able to extend the lease. Is there a share of the freehold?
My lender have just issued us with a mortgage offer. We are using a reputable conveyancer in Bridgend two days ago. A couple of hours ago, our mortgage adviser phoned to advise us that the mortgage company said that we cannot use our solicitor as they aren't on their 'approved list'. As novices, we did not have a clue that the mortgage company had a say Is this permitted?
You are at liberty to instruct any conveyancing solicitor you want to instruct including the said conveyancer in Bridgend however if they are not on the your lender's panel you would have to incur an extra fee so the mortgage company can instruct their own solicitors as well to protect their interest. On occasion it is conceivable that your solicitor may apply to get included on to the mortgage company panel. Do make the most of online search facilities such as lenderpanel.com to find a conveyancing solcitor in Bridgend on the bank panel. You can go into your high street bank branch in Bridgend. They will know some good conveyancing solicitors in Bridgend on the approved list.