My fiance and I are hoping to acquire a home in Monmouth and are in fact using a Monmouth conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Coventry Building Society have this afternoon contacted us to advise us that they have now hit a problem as our Monmouth conveyancer is not on their conveyancing panel. Please explain?
Where you are buying a property needing a mortgage it is normal for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Monmouth solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
We are buying a house and require a conveyancing solicitor in Monmouth who is on the Kent Reliance conveyancing panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Kent Reliance . We don't recommend any particular firms conducting conveyancing in Monmouth.
Just had an offer accepted on a new build apartment in Monmouth. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Monmouth
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Forfeiture - bankruptcy or liquidation must not apply under this provision. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please supply a car parking plan.
I am looking for a ground for flat up to £245,000 and found one near me in Monmouth I like with open areas and railway links in the vicinity, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Monmouth in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan the shortness of the lease will likely be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
Last April I purchased a leasehold property in Monmouth. Do I have any liability for service charges relating to a period prior to my ownership?
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. A critical element of leasehold conveyancing for your conveyancer to ensure 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 inherited a studio flat in Monmouth, conveyancing formalities finalised 3 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 properties in Monmouth with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 per annum. The lease ceases on 21st October 2088
With only 63 years left to run we estimate the premium for your lease extension to be between £16,200 and £18,600 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
I am expecting to exchange on the purchase a house in Monmouth but as a consequence of damage from the recent storms I have agreed reparation from the seller of £3k taking the form of a adjustment in the price. I had intended this to be addressed as part of the conveyancing process yet my mortgage company will not permit this. Why were they informed?
Any lawyer listed on a lender approved list is required to advise the bank of any amendments to the purchase price. In the event that you were to refuse your lawyer to disclose the price change to your lender then they would need to discontinue acting for you and the lender.