We hired a Margam based solicitor for our conveyancing in Margam last week. Reviewing the fine print it is apparent thatwe are liable for fees even where the conveyance does not complete. Should I ditch them and instruct a web based conveyancing company offering no-sale-no-fee conveyancing in Margam?
It is usually a trade off in that if "No Sale No Fee" is available then the conveyancing charges will generally be more expensive to counteract the conveyances that abort. You should be mindful that these arrangements tend not to protect you from expenditure e.g. Margam conveyancing search expenses.
My property lawyer in Margam is not on the Britannia Conveyancing Panel. Can I still retain my family solicitor even though they are not on the Britannia panel?
The limited options available to you here include:
- Complete the purchase with your preferred Margam lawyers but Britannia will need to use a lawyer on their panel. This will inevitably rack up the overall legal fees as well as result in frustration.
- Find a new lawyer to to deal with the purchase, remembering to check they are Convince your solicitor to do everything within their powers to join the Britannia conveyancing panel
Various online forums that I have visited warn that are the main reason for delay in Margam conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances during the legal transfer of property. Local searches are not likely to feature in any slowing down conveyancing in Margam.
How does conveyancing in Margam differ for new build properties?
Most buyers of new build premises in Margam contact us having been asked by the builder to sign contracts and commit to the purchase even before the house is completed. This is because builders in Margam typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Margam or who has acted in the same development.
I've recently bought a leasehold flat in Margam. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a leasehold flat in Margam, conveyancing formalities finalised April 2001. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Margam with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 yearly. The lease ceases on 21st October 2085
With just 60 years remaining on your lease the likely cost is going to range between £20,000 and £23,000 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information 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.
I am in the process of buying my 1st house in Margam. Conveyancing solicitor already chosen. The financial consultant pointed out that a survey is not needed as the property was only constructed in 1997.
The bare minimum you need a Home Buyer's Report. As the property was built over a decade ago the property will not come with a warranty, so you would be well advised not to take a risk. Where a property of this age shows no signs of defects a Home Buyer's report may be enough. They will highlight any apparent issues and recommend additional investigation if relevant. Where there are any signs of problems obtain a comprehensive structural survey.