My fiance and I are purchasing an apartment in Cefn Mawr. My property lawyer has never been on on the mortgage company solicitor list. Am I still permitted to retain my Cefn Mawr conveyancing solicitor notwithstanding that they are excluded from the bank list of approved lawyers?
Various options include
- Carry on with your chosen Cefn Mawr conveyancing practitioner but your bank will need to use a solicitor from their approved panel. This will result in additional fees and probable delay.
- Choose a new conveyancer to act in the purchase, obviously checking they are on the mortgage company conveyancing panel.
- Convince your conveyancing practitioner to do everything within their powers to get accepted on the bank’s conveyancing panel
Why is leasehold purchase conveyancing in Cefn Mawr is more expensive?
In summary, leasehold conveyancing in Cefn Mawr and Wrexham usually requires extra work compared to freehold conveyancing. This includes reviewing the lease, liaising with the landlord about the service of applicable notices, obtaining current service charge and management information, obtaining the freeholder’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 proprietor have owned the lease since it was first granted.
My property lawyer in Cefn Mawr is not on the Godiva Mortgages Ltd Conveyancing Panel. Can I still use my prefered solicitor notwithstanding that they are excluded from the Godiva Mortgages Ltd panel?
The limited options available to you here include:
- Complete the purchase with your preferred Cefn Mawr lawyers but Godiva Mortgages Ltd will need to retain a solicitor on their panel. This will inevitably rack up the total legal fees and result in frustration.
- Choose a new lawyer to act in the purchase, not forgetting to check they are Godiva Mortgages Ltd approved.
- Persuade your Godiva Mortgages Ltd solicitor to try to join the Godiva Mortgages Ltd panel
I am looking for a leasehold apartment up to £195,000 and identified one close by in Cefn Mawr I like with amenity areas and railway links nearby, however it's only got 51 years unexpired on the lease. There is not much else in Cefn Mawr suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan that many years will likely be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
I have been pointed in your direction by numerous estate agents in Cefn Mawr to get a quote from a solicitor using your seach tool. What’s the financial inducement for Estate Agents to recommend your services rather than alternative conveyancing organisations?
We refuse to make any referral fee for sending work to this site. We thought it would be too underhand to pay a commission because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
Estate agents have just been given the go-ahead to market my basement apartment in Cefn Mawr.Conveyancing lawyers have not yet been instructed however I have recently had a quarterly maintenance charge invoice – what should I do?
It best that you clear the service charge as normal as all ground rent and maintenance payments will be allottedas part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process