Recently contacted my conveyancing lawyer in Margam who conducted the legals 18 months ago requesting a conveyancing estimate based on the same type of house sale & purchase (a leasehold residence and a freehold premises) of similar values with a home loan from Accord Mortgages Ltd. It looks as though am now being quoted twice the amount. Stick with what I know or do I seek out an alternative conveyancer?
The estimate does seem a little steep. If you are prepared to expend time scrutinising charges you may be able to get the conveyancing a bit cheaper by say £100 plus VAT. On the other hand, if you were happy with the assistance the firm gave you couldlive to rue opting for an a cheaper solicitor. If is important to ensure the firm can act for Accord Mortgages Ltd. Do use our search tool to locate a Margam conveyancing firm on the Accord Mortgages Ltd member panel, which can often include conveyancing solicitors in Margam.
I own a freehold premises in Margam but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Margam and has limited impact for conveyancing in Margam but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Do I have to pop into the offices of the solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Margam so that I can pop in to their offices if necessary.
Nowadays approved lawyers for lenders carry out their work through the post, internet or over phone calls. This means that they can undertake the conveyancing transaction regardless of where you live in England or Wales. Nevertheless you should see if you have the option of going to the offices of your conveyancing lawyer if needed.
We are downsizing from our home in Margam and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. A high street Margam lawyer would know this is not the case. It does beg the question why the purchasers used a nationwide conveyancing firm as opposed to a conveyancing solicitor in Margam. We have lived in Margam for three years we know of no issue. Should we get in touch with our local Authority to get confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer currently acting for you. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
Due to the input of my in-laws I had a survey completed on a property in Margam prior to instructing solicitors. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some mortgage companies tend not grant a mortgage on this type of premises.
It varies from the lender to lender. HSBC has different instructions for example to Nationwide. If you contact us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Margam. Conveyancing will be smoother if you use a solicitor in Margam especially if they are accustomed to such properties in Margam.
I want to sublet my leasehold apartment in Margam. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
The lease governs the relationship between the landlord and you the leaseholder; specifically, it will set out if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Margam do not prevent subletting altogether – such a clause would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
Margam Leasehold Conveyancing - Sample of Queries Prior to Purchasing
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Please tell me if there are any major works in the planning that could add a premium to the maintenance costs? How much is the yearly maintenance fee and ground rent? The answer will be useful as a) areas can result in problems for the building as the common areas may start to deteriorate where repairs are not paid for b) if the leasehold owners have a dispute with the managing agents you will wish to have full disclosure