My fiance and I are planning to purchase a home in Bridgend and are in fact using a Bridgend conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Chelsea Building Society have this evening contacted us to advise us that they have now hit a problem as our Bridgend solicitor is not on their conveyancing panel. Please explain?
If you are buying a property requiring a mortgage it is normal for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Bridgend solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
My relative advised me that where I am purchasing in Bridgend I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes included in the estimate for your Bridgend conveyancing searches. It is not a small report of about 40 pages, listing and detailing important information about Bridgend around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Bridgend Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful information about Bridgend.
five months have elapsed following my purchase conveyancing in Bridgend completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying a new build apartment in Bridgend. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Bridgend
-
Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? There must be mutual enforceability of lessee’s covenants. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please confirm the Lease plans are surveyor prepared.
Due to the encouragement of my in-laws I had a survey completed on a property in Bridgend in advance of appointing conveyancers. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some banks will not grant a mortgage on such a home.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. If you e-mail us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bridgend. Conveyancing may be slightly more expensive based on your lender's requirements.
Having had my offer accepted I require leasehold conveyancing in Bridgend. Before I get started I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Bridgend - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the registered owner of a 1 bedroom flat in Bridgend, conveyancing formalities finalised 8 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Bridgend with over 90 years remaining are worth £165,000. The average or mid-range amount of ground rent is £50 levied per year. The lease terminates on 21st October 2102
You have 77 years unexpired the likely cost is going to be between £7,600 and £8,800 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.