I am need of leasehold conveyancing for a flat in a relatively new development (6 years old) in Bryn Y Baal. 95% of the appartments are already sold. Is it strictly necessary to order local searches for my conveyancing in Bryn Y Baal?
You are taking a significant risk in failing carrying out Bryn Y Baal conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying mortgage free there is no legal necessity to have them, but we would strongly advise in no uncertain terms that your conveyancer conducts them. If accelerating the process and expenses are primary issues you should discuss with your solicitor about the options such as lack of search insurance available to you
Why is leasehold purchase conveyancing in Bryn Y Baal is more expensive?
In short, leasehold conveyancing in Bryn Y Baal and elsewhere usually involve more work compared to freehold conveyancing. This includes lease investigation, liaising with the landlord about serving applicable notices, obtaining current service charge and management information, securing the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different owners have owned the lease since it was first entered into.
My fiance and I are buying a newly converted flat in Bryn Y Baal with a homeloan from TSB.We use our Bryn Y Baal conveyancing lawyer but TSB says she’s not on their "panel". We have to appoint a TSB panel lawyer or retain our preferred solicitor and fork out for one of their panel ones to act for them. We feel as though this is unjust; is there anything we can do?
No, not really. The home loan offered to you is subject to its various provisions, a common one being that conveyancers will be on the TSB solicitor panel. Until recently, most mortgage companies had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for TSB
Two weeks ago we had a mortgage agreed in principle with Virgin Money. Bryn Y Baal conveyancing lawyers are instructed. What is the average time that one could expect to receive a mortgage offer from Virgin Money?
There is no definitive answer here. Have Virgin Money done the valuation? Have you advised Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have decided to exercise my right to buy my property in Bryn Y Baal off the council. I have a mortgage agreed with Bank of Ireland. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Bank of Ireland, you will need to appoint a solicitor on the Bank of Ireland conveyancing panel.
I recently had an offer accepted on a house in Bryn Y Baal. My mortgage broker suggested a property lawyer. I paid an upfront payment of £175. A few days later, the conveyancer called me sheepishly admitting that they were not on the TSB conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the TSB panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am purchasing my first flat in Bryn Y Baal with a mortgage from Lloyds TSB Bank. The builders refused to budge the price so I negotiated 6k of additionals instead. The property agent suggested that I not to tell my conveyancer about this extras as it could adversely affect my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a quick, no chain conveyancing. Bryn Y Baal is where the house is located. What do you suggest?
Flying freeholds in Bryn Y Baal are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bryn Y Baal you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bryn Y Baal may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.