My wife and I are purchasing a new build apartment in Llandovery and my conveyancer is advising me that she is duty bound to the lender to reveal incentives from the seller. I am nearing the developer’s deadline to exchange contracts and I would rather not prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We wanted to use a property lawyer in Llandovery for our home move. Our broker informed us that our bank Leeds Building Society won't deal with them. Surely this is unduly restrictive?
Banks in the main imposes restrictions either the category or the volume of conveyancing practices on their member panel. A common example of such restriction(s) being that a law practice must have two or more partners. As well as restricting the profile of firm, a few lenders have limited the number of firms they permit to represent them. You should note that Leeds Building Society have no responsibility for the quality of advice provided by any member of Leeds Building Society Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels since 2008 even though there remains mixed opinions regarding the extent of solicitor involvement in some of that fraud. Figures from the Land Registry indicate that thousands of law firms, including some in or near Llandovery only execute very few conveyances per annum.
My wife and I are at the point of viewing apartments in Llandovery and I am now considering a potential offer. Is it sensible to have a property lawyer on ‘stand by’? I intend to finance via a mortgage with Virgin Money.
It would be sensible to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. Given that you are taking out a mortgage with Virgin Money, ask your prospective lawyers if they are on the Virgin Money conveyancing panel otherwise they can't do the mortgage legal work.
I have a mortgage with TSB for my property in Llandovery. Conveyancing was finalised a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform TSB?
You must advise TSB before letting out your property as this is likely to be a breach of TSB’s mortgage conditions. It may be that TSB will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact TSB directly. It should not be necessary to do this via a TSB conveyancing panel solicitor.
I can not work out if my lender requires a lease extension. I have called into my local Llandovery bank branch on numerous occasions and was told they are content with the situation and they would lend. My Llandovery conveyancing solicitor - who is on the bank conveyancing panel- called and was told they would not lend in accordance with their specific requirements. I simply don't know who is right.
Your conveyancing practitioner must follow the CML Handbook section two requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the lender 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.
I am selling our property in Llandovery and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. A high street Llandovery lawyer would know that there is no such problem. For the life of me I don't know why the purchasers are using a nationwide conveyancing practice rather than a conveyancing solicitor in Llandovery. Having lived in Llandovery for three years we know of no issue. Is it a good idea to contact our local Authority to obtain confirmation that the buyers are looking for.
It would appear that you have a conveyancing firm currently acting for you. Are they able to advise? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
Just had an offer accepted on a new build flat in Llandovery. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Llandovery
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. 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. Please supply a car parking plan.
I own a leasehold flat in Llandovery. Conveyancing and Bank of Scotland mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Llandovery who acted for me is not around. Do I pay?
The first thing you should do is contact HMLR to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Llandovery conveyancing solicitor to do this as it can be done on-line for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I inherited a studio flat in Llandovery, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Llandovery with over 90 years remaining are worth £260,000. The ground rent is £45 levied per year. The lease ends on 21st October 2100
With just 74 years unexpired the likely cost is going to be between £8,600 and £9,800 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.