My fiance and I are planning to acquire a home in Garndolbenmaen and are in fact using a Garndolbenmaen conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Bank of Ireland have this morning contacted us to advise us that they have now hit a problem as our Garndolbenmaen conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is conventional for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Garndolbenmaen lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
We note that you have a post code search directory listing law firms on the Co-operative conveyancing panel. Do companies pay you a referral fee if I instruct them for our conveyancing in Garndolbenmaen?
We are a listing service only for law firms wishing to communicate if they are on the Co-operative conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Garndolbenmaen.
The deeds to our home are lost. The solicitors who did the conveyancing in Garndolbenmaen 10 years ago no longer exist. Will I be able to sell the house?
You no longer need to have the physical original deeds to prove you own the land or property, as the Land Registry have everything they need in a digital format.
I have been on the look out for a leasehold apartment up to £245,000 and identified one round the corner in Garndolbenmaen I like with open areas and station nearby, the downside is that it's only got 51 years on the lease. There is not much else in Garndolbenmaen for this price, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
I am looking at a two maisonettes in Garndolbenmaen both have approximately 50 years left on the leases. Do I need to be concerned?
There are plenty of short leases in Garndolbenmaen. The lease is a right to use the property for a period of time. As a lease shortens the value of the lease deteriorates and results in it becoming more costly to extend the lease. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena.
Garndolbenmaen Leasehold Conveyancing - Sample of Queries before buying
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The majority of Garndolbenmaen leasehold flats will be liable to pay a service bill for the upkeep of the block levied on behalf of the freeholder. Where you purchase the property you will have to meet this charge, normally quarterly accross the year. This may vary from two or three hundred pounds to thousands of pounds for large purpose-built blocks. In all likelihood there will be a rentcharge to be met annual, this is usually not a exorbitant amount, say around £50-£100 but you need to enquire as sometimes it could be many hundreds of pounds. How is the lease structured?
How do I determine who is the owner of a property in Garndolbenmaen?
Assuming that the premises is registered with HMLR, and you have sufficient details of the location of the property, you should be able to obtain details from the HM Land Registry of the recorded proprietor for a fee.