Do the Building Society Association intend to launch a search tool with a view to to identify law firms on the Coventry BS conveyancing panel for example in Machynlleth?
We are not aware of any intention on the part of the BSA to promote such a tool.
I am currently in the process of buying my council flat in Machynlleth. I have a mortgage offer with Bank of Ireland. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Bank of Ireland, you will need to appoint a solicitor on the Bank of Ireland conveyancing panel.
The mortgage over my property is with Nationwide for my property in Machynlleth. Conveyancing was finalised a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nationwide?
Your original mortgage agreement with Nationwide will provide that you need their approval before renting your property as this is likely to be a breach of Nationwide’s mortgage conditions. It may be that Nationwide 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 Nationwide directly. You need not do this via a Nationwide conveyancing panel firm.
I am selling my flat. I had a double glazing fitted in July 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, UBS are being pedantic. The Machynlleth solicitor who is on the UBS conveyancing panel is happy to accept ‘lack of building regulation’ insurance but UBS are requiring a building regulation certificate. Why do UBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that UBS have referred the matter to their valuer. The reason why UBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Despite weeks of looking the Title Certificate and documents to our home are lost. The lawyers who conducted the conveyancing in Machynlleth 5 years ago are no longer around. What are my options?
As long as you have a registered title the details of your ownership will be evidenced by the Land Registry under a Title Number. It is possible to conduct a search at the Land Registry, locate your house and get current copies of the Registered Entries for less than a fiver. Where the title is Leasehold then the Land Registry will usually retain a certified duplicate of the Registered Lease and again, a copy can be ordered for twenty pounds.
I have been on the look out for a flat up to £305k and identified one near me in Machynlleth I like with open areas and railway links in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in Machynlleth for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a home loan the remaining unexpired lease term will be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
My husband and I are new to the buying process - agreed a price, yet the agent informed us that the vendor will only go ahead if we instruct their chosen lawyers as they need a ‘quick sale’. We would rather use a local solicitor used to conveyancing in Machynlleth
We suspect that the seller is not behind this ultimatum. Should the owner require ‘a quick sale', taking such a hostile approach to a serious buyer is counter productive. Try to communicate with the owners directly and explain that (a)you are genuine purchasers (b)you are excited to move forward, with finances in place © you have nothing to sell (d) you intend to proceed fast (e)however you will continue to appoint your own,trusted Machynlleth conveyancing solicitors - not the ones that will earn their negotiator at the agency a introducer fee or hit his conveyancing targets demanded by senior management.
I have just started marketing my garden apartment in Machynlleth. Conveyancing lawyers have not yet been instructed, but I have recently had a quarterly service charge demand – what should I do?
It best that you clear the invoice as usual given that all ground rent and maintenance charges should be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I invested in buying a split level flat in Machynlleth, conveyancing formalities finalised 10 years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Machynlleth with a long lease are worth £179,000. The ground rent is £65 charged once a year. The lease ends on 21st October 2082
You have 57 years remaining on your lease the likely cost is going to range between £26,600 and £30,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.