Why do I have to pay up front for my conveyancing in Chepstow?
Where you are retaining lawyers for conveyancing in Chepstow your lawyer will ask you put them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the deposit is as part of the sale price then this will be needed immediately before exchange of contracts. The closing balance that is due should be sent to your lawyer shortly before completion.
I am currently in the process of buying my council flat in Chepstow. I have a mortgage offer with Leeds Building Society. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use 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 Leeds Building Society, you will need to appoint a solicitor on the Leeds Building Society conveyancing panel.
The formalities of my purchase has taken place for my property in Chepstow. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
All lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. We understand that complaints to a lender are resolved very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
Our sealed bid on a house in Chepstow has been accepted, the owners do however have a connected purchase. The vendors have offered on somewhere, however it’s not been accepted yet, and are looking at other flats in the pipeline. I have instructed a nearby conveyancing solicitor in Chepstow. What should be my next step? At what stage should I apply for the mortgage with Nottingham?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of £1k, then survey, Chepstow conveyancing search charges, etc). The first course of action is to ensure that your conveyancing practitioner is on the Nottingham conveyancing panel. Regarding the subsequent phase this very much depends on the uniqueness of your case, attraction to this property and on the state of the market. In a buoyant market many buyers would apply for the mortgage with Nottingham and pay for the valuation and only if it comes back ok would they pay their solicitor to proceed with searches.
Should my conveyancer be making enquiries regarding flooding during the conveyancing in Chepstow.
Flooding is a growing risk for solicitors conducting conveyancing in Chepstow. There are those who acquire a property in Chepstow, completely expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to give advice on flood risk, however there are a various searches that may be undertaken by the purchaser or by their lawyers which can figure out the risks in Chepstow. The conventional set of property information forms given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the owner to discover whether the premises has historically flooded. In the event that the property has been flooded in past which is not revealed by the seller, then a purchaser may bring a legal claim for losses as a result of such an inaccurate response. A buyer’s conveyancers may also conduct an environmental search. This will disclose whether there is a recorded flood risk. If so, additional inquiries should be made.
I am buying my first flat in Chepstow with a loan from Clydesdale. The developers would not budge the amount so I negotiated five thousand pounds worth of additionals instead. The estate agent advised me not disclose to my solicitor about this deal as it could affect my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 have just appointed agents to market my 2 bed flat in Chepstow. Conveyancing solicitors are to be appointed soon, but I have just received a yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the maintenance contribution as usual as all ground rent and maintenance invoices should be apportioned on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.
I invested in buying a 2 bed flat in Chepstow, conveyancing formalities finalised August 2004. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Chepstow with over 90 years remaining are worth £201,000. The ground rent is £45 yearly. The lease finishes on 21st October 2090
You have 65 years remaining on your lease we estimate the price of your lease extension to be between £13,300 and £15,400 as well as costs.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.
I am an executor of my recently deceased aunt’s Will, with a house in Chepstow which is to be sold. The bungalow has never been registered at HMLR and I'm advised that some buyers solicitors will insist that it is done before they'll move forward. What's the procedure for this?
In the situation you refer to it seems prudent to seek to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. HMLR’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.