I am in the market for a low cost conveyancer. Do I opt for a nationwide conveyancer rather than a local Margam conveyancing lawyer?
Established third party connections are another important factor to consider when appointing conveyancing solicitors. Margam law firms benefit from connections with financial advisers and agents, local authorities, surveyors and other conveyancing firms meaning you will move in shortest possible time. Hosting specialist intelligence of the local area is an advantage.
My husband and I have arranged the release of further funds on our home loan from TSB as we want to conduct a loft conversion to our house in Margam. Are we obliged to appoint a bricks and mortar Margam solicitor on the TSB conveyancing panel to handle the paperwork?
TSB would not normally instruct a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the TSB list.
I recently had an offer accepted on an apartment in Margam. My financial adviser pressured me to appoint their lawyer. I paid an upfront payment of £225. A few days later, the conveyancing practitioner called me embarrassingly acknowledging that they were not on the Bank of Ireland conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Bank of Ireland panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Our sealed bid on a detached house in Margam has been accepted, the sellers do however have a connected purchase. The vendors have offered on a flat, but it’s not yet tied up, and are looking at other flats in the pipeline. I have selected a bricks and mortar conveyancing solicitor in Margam. What do I do now? At what stage do I apply for the mortgage with Nationwide?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur expenses too early (home loan application is in the region of one thousand pounds, then valuation, Margam conveyancing search costs, etc). The first course of action is to check that your conveyancer is on the Nationwide approved list. Concerning the next phase this very much dictated by the uniqueness of your case, desire for this property and on the state of the market. During a hot market the majority of home buyers would apply for the mortgage with Nationwide and pay for the valuation and only if it comes back ok would they request their conveyancer to move forward with searches.
I have been told that property searches are the main reason for stalling in Margam conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any holding up conveyancing in Margam.
I am looking for a ground for flat up to £245,000 and identified one close by in Margam I like with open areas and transport links nearby, however it's only got 61 years on the lease. I can't really find anything else in Margam in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the shortness of the lease will likely be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you could ask them to start the process of the extension 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 concerning this.
I need to retain a conveyancing solicitor for remortgage conveyancing in Margam. I've discover a site which seems to have the ideal offering If it is possible to get all this stuff completed via phone that would be ideal. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am tempted by the attractive purchase price for a two apartments in Margam which have about 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Margam is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most purchasers and lenders, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Margam conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a split level flat in Margam, conveyancing was carried out in 2009. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Margam with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ceases on 21st October 2092
With only 66 years unexpired the likely cost is going to be between £11,400 and £13,200 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.