My Llanrumney lawyer has uncovered an inconsistency between the surveyor’s assumptions in the valuation survey and what is revealed within the legal papers for the property. My solicitor informs me that he is duty bound to check that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s stance right?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions 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 has been three months following my purchase conveyancing in Llanrumney completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am purchasing my first flat in Llanrumney with a mortgage from TSB. The developers would not reduce the amount so I negotiated 6k of fixtures and fittings instead. The estate agent suggested that I not disclose to my lawyer about this side-deal as it may put at risk my loan with the bank. Do I keep my lawyer in the dark?.
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 ground for flat up to £235,500 and found one near me in Llanrumney I like with amenity areas and station nearby, however it only has 52 years unexpired on the lease. There is not much else in Llanrumney in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan the shortness of the lease will likely be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
My husband and I are new to the buying process - had an offer accepted, but the selling agent told us that the vendor will only move forward if we use their preferred lawyers as they need an ‘expedited deal’. My instinct tells me that we should use a local solicitor who is accustomed to conveyancing in Llanrumney
It is unlikely the owners are behind this. Should the seller desire ‘a quick sale', turning down a serious buyer is counter productive. Contact the sellers directly and make the point that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you intend to instruct your own,trusted Llanrumney conveyancing firm - rather thanthe ones that will provide the estate agent a referral fee or hit his conveyancing targets demanded by HQ.
I today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Llanrumney. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Llanrumney ?
Most houses in Llanrumney are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Llanrumney so you should seriously consider shopping around for a Llanrumney conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should advise you fully on all the issues.
I invested in buying a ground floor flat in Llanrumney, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Llanrumney with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2103
With just 77 years remaining on your lease the likely cost is going to span between £7,600 and £8,800 as well as legals.
The figure 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 due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.