My husband and I are purchasing a new build flat in Menai Bridge and my solicitor is telling me that she is duty bound to the lender to reveal incentives from the builder. The Estate Agents are hassling me to exchange and I have no desire to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We are purchasing a property in Menai Bridge. It might be a silly question but how we can trust a conveyancer? At some point we have to send funds into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
is it true that all Menai Bridge conveyancing solicitors on the Bank of Ireland conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Bank of Ireland approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Many mortgage companies do permit licenced conveyancers on their panel in which case such organisation would be overseen by the CLC.
Coventry BS have agreed my home loan in principle, my offer on a flat in Menai Bridge has been agreed to, what happens next?
Your estate agent will need to know who your solicitors are (make sure the conveyancing practitioners are on the lender’s panel). Call up Coventry BS or your financial adviser and finish off any outstanding paperwork. Coventry BS will sellect a valuer who will get in contact with the estate agent or owners to arrange a slot for the valuation to happen. Once carried out (assuming no problems) it takes about a week to get a mortgage offer. Coventry BS will issue the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Menai Bridge.
I'm purchasing my first flat in Menai Bridge with a loan from Santander. The developers would not move on the amount so I negotiated 6k of extras instead. The house builders rep suggested that I not reveal to my lawyer about the extras as it would put at risk my loan with the lender. Should I keep quiet?.
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.
In what way can the Landlord & Tenant Act 1954 affect my business premises in Menai Bridge and how can your lawyers assist?
The particular law that you refer to affords protection to commercial lessees, giving them the legal entitlement to apply to court for a renewal lease and remain in occupation when the lease reaches an end. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Menai Bridge is one of the hundreds of locations in which the firms we work with have offices
I need to instruct a conveyancing solicitor for some conveyancing in Menai Bridge. I have discover a site which appears to be the perfect answer If it is possible to get all this stuff completed via email that would be ideal. Do I need to be wary? 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 have recently realised that I have Sixty One years left on my lease in Menai Bridge. I am keen to extend my lease but my landlord is missing. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have used your best endeavours to track down the lessor. On the whole a specialist would be useful to carry out a search and prepare a report which can be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a property lawyer both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Menai Bridge.
I bought a 1st floor flat in Menai Bridge, conveyancing having been completed April 2002. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Menai Bridge with an extended lease are worth £201,000. The ground rent is £45 charged once a year. The lease ends on 21st October 2090
With 65 years unexpired the likely cost is going to range between £13,300 and £15,400 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.