My wife and I are planning to purchase a 3 bedroom apartment in Glynneath with a mortgage. We would like to retain our Glynneath lawyer, however the mortgage company says he's not on their "panel". We have to appoint one of the mortgage company panel firms or continue with our Glynneath conveyancing practitioner and pay for one of their panel lawyers to represent them. This feels very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms 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 Glynneath conveyancing solicitor to apply to be on the conveyancing panel.
My husband and I are refinancing our apartment in Glynneath with Aldermore. We have a son approaching twenty who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the apartment is repossessed. I have two concerns (1) Is this document specific to the Aldermore conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Aldermore. This is solely used to protect Aldermore if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Aldermore had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I am buying a right to buy a flat in Glynneath. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Glynneath you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Glynneath.
I have been on the look out for a leasehold apartment up to £235,500 and identified one close by in Glynneath I like with amenity areas and station nearby, however it's only got 61 remaining years left on the lease. There is not much else in Glynneath suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan the shortness of the lease will be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
Do you have any advice for leasehold conveyancing in Glynneath from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Glynneath can be avoided if you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers. Many landlords or managing agents in Glynneath levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Glynneath. If you are supposed to have a share in the Management Company, you should ensure that you have the original share certificate. Organising a re-issued share certificate can be a lengthy formality and slows down many a Glynneath home move. Where a new share is needed, do contact the company officers or managing agents (if relevant) for this sooner rather than later. You believe that you know the number of years remaining on your lease but it would be advisable verify this by asking your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to where the remaining number of years is under 80 years. It is therefore essential at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you installed wooden flooring? Glynneath leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord acquiescing to such alterations. Should you dont have the consents to hand you should not communicate with the landlord without checking with your lawyer in advance.
I am the registered owner of a 1st floor flat in Glynneath, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Glynneath with an extended lease are worth £180,000. The ground rent is £65 per annum. The lease comes to an end on 21st October 2082
With 58 years unexpired we estimate the premium for your lease extension to be between £22,800 and £26,400 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
My friend mentioned that before selecting a conveyancing solicitors they need approved by your mortgage company. It happens to be my first home move but I have an offer in principle from Halifax and I already have a bricks and morter conveyancing solicitor in Glynneath in place. Can Santander insist on an approved lawyer to be used? Does a directory of panel conveyancers even exist so I can appoint a conveyancing lawyer in Glynneath?
You should instruct a solicitor that is on the Santander panel. Just telephone your preferred Glynneath conveyancing lawyer to check if they are on the Santander panel. If they are not on the panel you have a number of alternatives available to you here:
- Carry on with your chosen Glynneath conveyancing practitioner but Santander will no doubt appoint a property lawyer from their approved list. The net impact is additional fees together with potential frustration.
- Appoint a new conveyancing practitioner to act in the purchase, not forgetting to check that they are on the Santander conveyancing panel.
- Convince your conveyancing practitioner to attempt to join the lender panel.