The Llanfyrnach conveyancing firm handling our Llanfyrnach conveyancing has spotted a difference between the information in the valuation report and what is revealed within the legal papers for the property. My lawyer informs me that he must check that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s stance appropriate?
Your lawyer must comply with the UK Finance Lenders’ Handbook requirements 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 both parties.
It is 10 years ago since I bought my property in Llanfyrnach. Conveyancing lawyers have now been appointed on the sale but I am unable to track down my title documents. Is this a problem?
You need not be too concerned. Firstly there is a possibility that the deeds will be with your lender or they could be in the possession of the conveyancers who oversaw the purchase. Secondly the chances are that the land will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers procuring up to date copy of the land registers. Most conveyancing in Llanfyrnach involves registered property but in the unlikely event that your property is not registered it is more problematic but is not insurmountable.
I'm purchasing my first flat in Llanfyrnach with the aid of help to buy. The builders would not reduce the price so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not disclose to my solicitor about the deal as it would put at risk my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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 have been on the look out for a flat up to £245,000 and found one close by in Llanfyrnach I like with amenity areas and transport links nearby, however it's only got 49 remaining years left on the lease. I can't really find anything else in Llanfyrnach for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan that many years will be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
My husband and I are 14 days into a residential purchase having been recommend to solicitors by the local agent to carry out the conveyancing in Llanfyrnach. I am not happy. Can you you assist me in finding new solicitors?
A conveyancer would have to be very bad in order to consider changing them. Has your mortgage been issued? In the event that it has you need to inform them of the new contact details and ensure the offer are re-issued. Your new solicitor ideally should be on the mortgage company panel to avoid escalating fees and frustration. So that should be your starting point. Our search tool can help you find a lender approved conveyancer for your home move in Llanfyrnach
Back In 2003, I bought a leasehold flat in Llanfyrnach. Conveyancing and Chelsea Building Society mortgage are in place. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Llanfyrnach who previously acted has now retired. Any advice?
First contact the Land Registry to make sure that this person is in fact the new freeholder. There is no need to incur the fees of a Llanfyrnach conveyancing firm to do this as it can be done on-line for £3. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am the registered owner of a ground floor flat in Llanfyrnach, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Llanfyrnach with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 yearly. The lease ends on 21st October 2083
With 58 years remaining on your lease the likely cost is going to be between £22,800 and £26,400 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should 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 want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.