I am acquiring a house mortgage free in Mountain Ash. I have been residing for the previous twelve years in Mountain Ash. Conveyancing searches are a lot of money. As I have knowledge of the area and road intimately must I have all the conveyancing searches?
In the absence of a mortgage, then almost all of the Mountain Ash conveyancing searches are optional. Your lawyer will ’encourage you, perhaps strongly, that you should have searches carried out, but she is duty bound to take that path of encouragement . One thing to consider; if you are going to dispose of the house in the future, it may be of relevance to your prospective purchaser what the searches contain. There are plenty of instances where properties with apparent issues can still throw up adverse search results. A good conveyancing solicitor in Mountain Ash will provide you some sensible advice here.
This question may be naive but I am unexperienced as FTB of a two bedroom flat in Mountain Ash. Do I collect the keys to the house on the completion date from my solicitor? If so, I will use a local conveyancing solicitor in Mountain Ash?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will transfer the purchase money to the owner’s lawyers, and shortly after the monies have arrived, you should be able to collect the keys from the Estate Agents and move into your new home. This tends to happen between 1 and 3pm.
We have agreed to purchase a house in Mountain Ash. One unusual aspect is that the roof has a solar panel. Kent Reliance have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Kent Reliance your lawyer must check the formal instructions set out in Part two of UK Finance Lenders’ Handbook for Kent Reliance. The CML Handbook contains minimum conditions for solar panel roof-space leases, and property lawyers are required to report to Kent Reliance where a lease does not comply with these conditions. The specifications relate to the installation of panels on properties nationwide and is not isolated to Mountain Ash.
The formalities of my remortgage has taken place for my property in Mountain Ash. Conveyancing was satisfactory but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
All banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. We understand that complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
Various web forums that I have come across warn that are a common reason for hinderance in Mountain Ash house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of delay in conveyancing in Mountain Ash.
Just bought a terraced house in Mountain Ash , What is the estimated time for the Land Registry to register my proprietorship? My Mountain Ash conveyancing solicitor has been painfully slow, so I want to check that my purchase is registered.
As far as conveyancing in Mountain Ash registration is no faster or slower than anywhere else in the country. As opposed to being determined by geographic area, timescales can adjust subject to who lodges the application, whether it is in order and whether the Land registry must send notices to any 3rd parties. At present approximately 80% of submission are completed in less than three weeks but some can be subject to protracted hold-ups. Registration is effected once the new owner is living at the property so 'speed' is not always an essential issue yet if it is urgent that the the registration takes place urgently then you or your conveyancer must communicate with the Registry to express the reasoning for an expedited registration.
I am tempted by the attractive purchase price for a two maisonettes in Mountain Ash which have in the region of fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Mountain Ash is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of purchasers and lenders, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Mountain Ash conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I bought a split level flat in Mountain Ash, conveyancing formalities finalised December 2007. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Mountain Ash with a long lease are worth £180,000. The ground rent is £65 yearly. The lease ends on 21st October 2083
With just 58 years remaining on your lease we estimate the price of your lease extension to span between £22,800 and £26,400 plus 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 without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
How and when do I incur stamp duty due for my Mountain Ash property purchase?
The conveyancer will complete a Land Transaction Return Form on your behalf during your Mountain Ash purchase transaction for signature. After completion your property lawyer will submit the Land Transaction application to the Inland Revenue and - assuming they have the funds - discharge any land tax due for you.