My conveyancer has identified a defect with the lease for the property we are buying in Merthyr Tydfil. The other side have offered title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancing practitioner has advised that he must check that the bank is willing to move forward with this solution. Who is the client here, us or the bank?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the mortgage company are the client. The appropriate lender specifications have to be complied with.
Is it necessary during the course of the conveyancing process to attend the offices of the solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in Merthyr Tydfil so that I can attend their offices if necessary.
Most approved lawyers for lenders carry out all of the work through Royal Mail, internet or over the phone. This enables them to undertake the legal work for your home move regardless of where you live in the country. Nevertheless you can see if you can still book an appointment to visit conveyancing lawyer if you prefer.
I have recentlybeen informed that Action Conveyancing have closed. They carried out my conveyancing in Merthyr Tydfil for a purchase of a leasehold flat 10 months ago. How can I check that the property is in my name in the name of the former proprietor?
The quickest method to check if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Merthyr Tydfil conveyancing specialists.
How does conveyancing in Merthyr Tydfil differ for newly converted properties?
Most buyers of new build premises in Merthyr Tydfil come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is built. This is because developers in Merthyr Tydfil tend to buy the land, 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 used to new build conveyancing in Merthyr Tydfil or who has acted in the same development.
I'm refinancing my current property to a BTL loan with Clydesdale and I will use the ballance of the raised equity towards another house. The neighborhood we are looking at is Merthyr Tydfil. Will your conveyancers be able to act for both sets of mortgage companies and tie in the two deals?
Make use of our search tool on this page to check that the solicitors are approved by both banks. Having checked that they are your conveyancer should be able to tie up the two transactions but you should have a chat with you conveyancer and communicate your desired outcome and requirements.
I am a negotiator for a long established estate agency in Merthyr Tydfil where we have witnessed a number of flat sales jeopardised as a result of short leases. I have received contradictory information from local Merthyr Tydfil conveyancing firms. Please can you shed some light as to whether the seller of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I invested in buying a studio flat in Merthyr Tydfil, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Merthyr Tydfil with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 per annum. The lease comes to an end on 21st October 2081
You have 56 years unexpired the likely cost is going to span between £29,500 and £34,000 plus 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 renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.