Me and my partner are hoping to acquire a 2 bedroom flat in Margam with a mortgage. We like our Margam solicitor, but the bank says she’s not on their "panel". It seems we have no choice but to instruct one of the mortgage company panel conveyancing practices or continue with our Margam property lawyer and pay for one of their panel lawyers to represent them. This seems very unfair; can we not demand that the mortgage company use our Margam property lawyer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Margam conveyancing solicitor to apply to be on the conveyancing panel.
Finally the sale completed on my house in Margam last August yet the purchaser is Skype messaging every few hours to moan that their lawyer needs to hear from mine. What are the post completion sale legalities following completion?
After completion of your sale your solicitor should deliver the transfer deeds and all of the paperwork to the buyer’s lawyers. Where relevant, your conveyancer must also send confirmation that the legal charge in favour of the lender has been discharged to the purchasers solicitors. There is unlikely to be post completion steps specific conveyancing in Margam.
Are the BSA planning on creating a searchable register to to identify firms on the Coventry BS conveyancing panel for example in Margam?
Lexsure has not been advised of any intention on the part of the BSA to develop such a register.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one close by in Margam I like with open areas and transport links nearby, however it's only got 52 remaining years left on the lease. I can't really find anything else in Margam suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this.
My husband and I are FTB’s - had an offer accepted, but the estate agent advised that the seller will only proceed if we use the agent's preferred conveyancers as they need a ‘quick sale’. Our preferred option is to instruct a high street solicitor accustomed to conveyancing in Margam
It is unlikely the vendors are behind this. If they want ‘a quick sale', taking such a hostile approach to a motivated buyer is is going to put the whole deal at risk. Avoid the agents and go straight to the owners and make sure they comprehend that (a)you are keen to buy (b)you are ready to progress, with finances in place © you have nothing to sell (d) you wish to move quickly (e)but you will continue to use your own,trusted Margam conveyancing firm - not the ones that will provide their negotiator at the agency a kickback or hit his conveyancing thresholds demanded by head office.
Do you have any top tips for leasehold conveyancing in Margam with the intention of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Margam can be reduced if you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation needed by the buyers’ lawyers. If there is a history of any disputes with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to unresolved. You believe that you know the number of years remaining on your lease but it would be wise to verify this via your conveyancers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is below 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. If you hold a share in a the Management Company, you should make sure that you have the original share certificate. Arranging a new share certificate can be a time consuming process and frustrates many a Margam conveyancing deal. Where a duplicate share certificate is needed, do contact the company director and secretary or managing agents (where applicable) for this at the earliest opportunity. Some Margam leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
I acquired a 1st floor flat in Margam, conveyancing formalities finalised July 2000. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Margam with over 90 years remaining are worth £175,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ceases on 21st October 2083
You have 58 years left to run we estimate the price of your lease extension to range between £23,800 and £27,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.