The Crickhowell conveyancing firm handling our Crickhowell conveyancing has uncovered a difference when comparing the surveyor’s assumptions in the home valuation survey and what is in the conveyancing documents. My lawyer informs me that he is duty bound to ensure that the bank is OK with this discrepancy and is content to go ahead. Is my lawyer’s approach right?
Your lawyer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Why is leasehold purchase conveyancing in Crickhowell costs more?
In short, leasehold conveyancing in Crickhowell and Powys usually involve extra hours of investigation compared to freehold conveyancing. This includes checking the lease terms, liaising with the landlord concerning the service of required notices, securing up-to-date service charge and management information, securing 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 – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
I am the only recipient of my late mum's will and I have everything in my name alone, including the house in Crickhowell. Conveyancing formalities meant that the Land Registry date was in January. I now wish to sell up. I do know about the CML 6 month 'rule', meaning my property ownership will be treated the same way as though I had purchased the property in January. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. Some lenders would take a practical view as this clause is chiefly there to pick up on the purchase and immediately sell or the quick reselling of properties.
Completion of my purchase has taken place for my property in Crickhowell. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. Ordinarily complaints to a lender are sorted out very quickly. If you feel 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.
It is unclear whether my bank requires a lease extension. I have called my Crickhowell bank branch on numerous occasions and was told it wasn't an issue and they would lend. My Crickhowell conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your lawyer has to comply with the Council of Mortgage Lenders’ Handbook Part 2 provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
About to purchase a new build flat in Crickhowell. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Crickhowell
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The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Forfeiture - bankruptcy or liquidation must not apply under this provision. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I'm refinancing my existing home to a BTL mortgage with The Mortgage Works and intend to use the remaining equity as a down payment on further property. The area we are looking at is Crickhowell. Will your conveyancers be able to act for the two banks and link together the transactions?
Make use of our comparison tool on this site to ensure that the conveyancers are on the appropriate lender panels. Assuming that they are your solicitor will be able to tie up the two transactions but you should have a chat with you conveyancer and make apparent your desired outcome and needs.
My wife and I may need to let out our Crickhowell garden flat for a while due to taking a sabbatical. We instructed a Crickhowell conveyancing firm in 2004 but they have since shut and we did not think at the time get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Notwithstanding that your previous Crickhowell conveyancing solicitor is no longer around you can check your lease to see if you are permitted to let out the apartment. The rule is that if the deeds are silent, subletting is permitted. There may be a precondition that you are obliged to obtain consent from your landlord or some other party prior to subletting. The net result is you not allowed to sublet without first obtaining permission. The consent is not allowed to be unreasonably turned down. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I purchased a studio flat in Crickhowell, conveyancing formalities finalised in 2007. How much will my lease extension cost? Corresponding flats in Crickhowell with an extended lease are worth £180,000. The ground rent is £65 charged once a year. The lease runs out on 21st October 2085
With only 59 years remaining on your lease the likely cost is going to be between £20,900 and £24,200 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.