I am getting a mortgage offer from Nat West. My intention is to enlist the help of a Licensed Conveyancer in Margam. Does the Nat West Conveyancing panel include conveyancers regulated by the CLC?
The Nat West conveyancing panel is, like many other lenders, represented by the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
We are approaching an exchange on a property in Margam and my mum and dad have transferred the 10% deposit to my property lawyer. I am now informed that as the deposit has been sent from someone other than me my lawyer needs to disclose this to my lender. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the lender about my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
The lawyer is duty bound to check with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Is there a reason why leasehold purchase conveyancing in Margam costs more?
The conveyancing charges on a leasehold property in Margam is often higher as compared to a freehold acquisition or disposal. This is due to the extra time required in liaising with the landlord and management company to collate the information about whether the rent and service fee have been cleared and whether there are any large sums expected to be spent in the near future on repairs or maintenance of the building.
I am buying a property in Margam. A rare aspect is that the roof has a solar panel. Kent Reliance have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Kent Reliance your lawyer must follow the conveyancing requirements set out in Section 2 of UK Finance Lenders’ Handbook for Kent Reliance. The CML Handbook contains minimum provisions for solar panel roof-space leases, and solicitors are required to report to Kent Reliance where a lease fails to meet these conditions. The specifications relate to the installation of panels on properties nationwide and is not isolated to Margam.
About to purchase house in Margam. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Co-operative conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Margam lawyer is on the Co-operative conveyancing panel.
I have instructed a Margam solicitor having made sure that they are on the Nationwide conveyancing panel. Does my lawyer arrange the survey of the property?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Margam postcode. As you are getting a mortgage with Nationwide, you could contact them to see if they have a list of approved surveyors in Margam.
I'm purchasing a new build house in Margam with the aid of help to buy. The builders refused to budge the price so I negotiated £7000 of extras instead. The sale representative suggested that I not inform my solicitor about this extras as it would jeopardize my loan with Barnsley Building Society. 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 want to rent out my leasehold flat in Margam. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Some leases for properties in Margam do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
Margam Leasehold Conveyancing - Sample of Questions you should ask before buying
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This information is important as a) areas may result in problems in the block as the communal areas may start to deteriorate if maintenance remain unpaid b) if the leasehold owners have a dispute with the managing agents you will want to have full disclosure What restrictions are contained in the Margam Lease? For most Margam leaseholds the outlay for major works tend not to be included within service charges, although a few managing agents in Margam obliged leaseholders to pay into a reserve fund created for the specific intention of building a fund for larger repairs or maintenance.