My wife and I are nearing an exchange on a flat in Llanfechain and my parents have sent the 10% deposit to my property lawyer. I am now told that as the deposit has not arrived from me my property lawyer needs to disclose this to my bank. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the lender concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
Your solicitor is duty bound to check with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
I am purchasing a house and need a conveyancing solicitor in Llanfechain who is on the Aldermore solicitor. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Aldermore in certain locations such as Llanfechain. We dont recommend any particular firm.
Are there restrictive covenants that are commonly identified as part of conveyancing in Llanfechain?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Llanfechain. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm purchasing a new build house in Llanfechain with a mortgage from TSB. The developers refused to budge the price so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not to tell my solicitor about this extras as it could impact my loan with the lender. Is this normal?.
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 am tempted by the attractive purchase price for a couple of flats in Llanfechain both have approximately 50 years remaining on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the saleability of the lease deteriorates and it becomes more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field.
Leasehold Conveyancing in Llanfechain - A selection of Queries Prior to buying
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What restrictions are there in the Llanfechain Lease? How much is the yearly maintenance fee and ground rent? Many Llanfechain leasehold properties will incur a service bill for the upkeep of the block levied on behalf of the freeholder. If you acquire the flat you will have to pay this liability, usually periodically during the year. This could differ from a few hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a ground rent for you to pay yearly, ordinarily this is not a significant figure, say about £50-£100 but you should to enquire as on occasion it can be surprisingly expensive.
Sixweeks into a sale of a flat in Llanfechain. Conveyancing is fine but we have been asked to pay a fortune by the landlord. To date we have paid £268 for a leasehold management information and then another £118 for responses to questions raised by the purchaser's conveyancer.
Neither you or your conveyancer will have any sway over the extent of the fee for this information but the typical costs for the information for Llanfechain leasehold premises is £395. For Llanfechain conveyancing deals it is conventional for the seller to pay for these costs. The freeholder or their agents are not duty bound to answer such questions most will be willing to do so - albeit often at high prices disproportionate to the work involved. Regretfully there is no statute that requires fixed charges for administrative tasks. Nor is there any legal time frame by which they are duty bound to supply the information.