Our lawyer has uncovered a a legal deficiency with the lease for the apartment we are buying in Maesteg. The other side have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancing practitioner says that he must ensure that the mortgage company is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the bank are the client. The appropriate lender specifications have to be complied with.
We see that you have a post code search directory listing law firms on the Lloyds conveyancing panel. Do companies pay you a referral fee if I instruct them for our own conveyancing in Maesteg?
We are a listing service only for law firms wishing to communicate if they are on the Lloyds conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Maesteg.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Maesteg?
There are many registered licenced Conveyancers in Maesteg and Solicitor partnerships in Maesteg who can assist with your conveyancing It is important to make clear that both are regulated professionals specialising in the legal aspects of the home buying process. They may both also handle associated property related work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
I am helping my mother sell her flat in Maesteg. Does the conveyancer order an energy assessment or it is for the owner to see to?
Following the demise of Home Information Packs, energy assessments was maintained a required element of moving property. An energy assessment needs to be commissioned before the property is marketed. This is not as aspect of the sale process that law firms normally organise. If you are instructing a Maesteg conveyancing practitioner they may be able to arrange EPC’s given their contacts with reputable local energy assessors
Our sealed bid on a detached house in Maesteg has been accepted, the vendors do however have a tied purchase. The owners have put an offer on a property, but it’s not been accepted yet, and have viewings of other properties in the pipeline. I have selected a local conveyancing solicitor in Maesteg. What should be my next step? When do I get the mortgage application with Lloyds started?
It is understandable to have anxieties where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is approx £1k, then valuation, Maesteg conveyancing search costs, etc). First, you should check that your lawyer is on the Lloyds approved list. As to the subsequent stages this very much dictated by the specifics of your case, motivation for this property and on the state of the market. During a hot market many purchasers would apply for the mortgage with Lloyds and arrange for the valuation and only if it comes back ok would they request their lawyer to press on with the conveyancing in Maesteg.
I am buying a new build house in Maesteg with a mortgage from Yorkshire Building Society. The builders would not budge the price so I negotiated five thousand pounds worth of additionals instead. The property agent advised me not to tell my solicitor about this extras as it will impact my mortgage with the lender. Should I keep quiet?.
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've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a straight forward, no chain conveyancing. Maesteg is the location of the property. What do you suggest?
Flying freeholds in Maesteg are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Maesteg you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Maesteg may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am employed by a busy estate agency in Maesteg where we have experienced a number of leasehold sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Maesteg conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I invested in buying a split level flat in Maesteg, conveyancing was carried out September 2008. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Maesteg with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 per annum. The lease finishes on 21st October 2080
With 55 years unexpired we estimate the price of your lease extension to span between £31,400 and £36,200 plus professional fees.
The figure that we have given is 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 may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.