I am only a couple days away from an exchange on a property in Bridgend and my mum and dad have sent the ten percent deposit to my conveyancing practitioner. I am now advised that as the deposit has been received from someone other than me my conveyancer needs to make a notification to my lender. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I advised the lender concerning my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your conveyancer is legally required to check with mortgage company to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Finally the sale completed on my house in Bridgend last March but my buyer keeps Skype messaging daily to moan that their lawyer needs to hear from myconveyancer. What should my lawyer have done now that I have sold?
After completion of your house sale your conveyancer is duty bound to deliver the transfer documentation and all additional paperwork to the buyer’s lawyers. Depending on the transaction, your lawyer should also evidence that the mortgage has been paid off to the purchasers solicitors. There are no post completion formalities just for conveyancing in Bridgend.
I am helping my step-mother sell her flat in Bridgend. Will the conveyancer order the EPC or should I organise this?
After the demise of Home Information Packs, energy assessments remained a compulsory element of selling a house. An energy assessment should be commissioned in advance of the property being advertised. It is not something that lawyers normally organise. If you are using a Bridgend conveyancing practitioner they may help arrange EPC’s given their contacts with reputable local assessors
I am the only recipient of my late grandmother’s estate and I have everything in my name now, including the my former home in Bridgend. The Bridgend property was put into my name in January. I want to move. I do know about the CML six month 'rule', meaning my proprietorship will be regarded the same way as if I'd bought the house in January. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. Most banks would take a sensible view as this requirement is principally there to pick up on the purchase and immediately sell or the wholesaling and assigning of properties.
I currently have a mortgage with Virgin Money for my property in Bridgend. Conveyancing was finalised months ago. Should I wish 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 Virgin Money?
Virgin Money must be informed of your intention prior to renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money will permit you to let 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 Virgin Money directly. You need not do this via a Virgin Money conveyancing panel firm.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one close by in Bridgend I like with a park and railway links in the vicinity, the downside is that it only has 61 years unexpired on the lease. There is not much else in Bridgend suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a mortgage the remaining unexpired lease term may be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £225,000 garden flat in Bridgend next week. The managing agents has quoted £420 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Bridgend?
Bridgend conveyancing on leasehold flats more often than not necessitates the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions most will be content to do so. They are entitled to levy a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is above £800. The administration charge required by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, without which the invoice is not strictly payable. Reality however dictates that one has no choice but to pay whatever is demanded if you want to complete the sale of your home.
I am the registered owner of a basement flat in Bridgend, conveyancing was carried out 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Bridgend with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 yearly. The lease terminates on 21st October 2101
You have 75 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
My brother-in-law has suggested I instruct a conveyancing solicitor in Bridgend. I I would like to check if they are on the lender's approved list of lawyers. Can you advise?
It’s a good idea call the solicitor to enquire if they are on the bank's panel. Alternatively please call us and we can make some checks for you. If they are not on the conveyancing panel we can certainly arrange a specialist conveyancing solicitor in Bridgend on the panel for your lender.