Our Nannerch lawyer has uncovered a difference between the surveyor’s assumptions in the valuation survey and what is revealed within the conveyancing documents. My lawyer informs me that he is duty bound to ensure that the lender is happy with this discrepancy and is still content to lend. Is my conveyancer’s stance legitimate?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
My property lawyer in Nannerch is not listed on the TSB Conveyancing Panel. Can I still continue with my prefered solicitor even though they are excluded from the TSB panel?
Your options are as follows:
- Complete the purchase with your existing Nannerch lawyers but TSB will need to retain a solicitor on their panel. This will inevitably rack up the overall legal fees and result in delays.
- Get an alternative solicitor to act in the conveyancing, obviously checking they are on the TSB panel
I decided to have a survey completed on a house in Nannerch prior to instructing conveyancers. I have been advised that there is a flying freehold element to the house. The surveyor advised that some banks tend refuse to issue a loan on a flying freehold house.
It varies from the lender to lender. Lloyds has different instructions for example to Nationwide. If you contact us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Nannerch. Conveyancing will be smoother if you use a solicitor in Nannerch especially if they are accustomed to such properties in Nannerch.
I'm remortgaging my existing house to a buy to let loan with Halifax and intend to use the remaining equity as a deposit on another house. The location we are interested in is Nannerch. Will your solicitors be able to act for both sets of lenders and link together the transactions?
Make use of our search tool on this site to check that the conveyancers are on the appropriate lender panels. On the basis that they are your solicitor will be able to tie up the two conveyancing matters but you should have a chat with you solicitor and communicate your desired outcome and needs.
Expecting to sign contracts shortly on a studio apartment in Nannerch. Conveyancing lawyers have said that they will have a report out to me within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Nannerch should include some of the following:
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Defining your rights in relation to the communal areas in the building.By way of example, does the lease permit a right of way over a path or hallways? Ground rent - what is payable and when is collected, and also know whether this is subject to change What the implications are if you have contravened the provisions of the lease? The length of the lease term. You should receive guidance as what happens when the lease expires, and informed of the importance of the 80 year mark Repair and maintenance of the flat
I am the registered owner of a ground floor flat in Nannerch, conveyancing formalities finalised October 1997. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Nannerch with over 90 years remaining are worth £202,000. The ground rent is £60 per annum. The lease expires on 21st October 2083
With 57 years left to run we estimate the premium for your lease extension to range between £28,500 and £33,000 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
I dont have enough spare money to pay a 10% deposit on my apartment purchase in Nannerch , but I am anxious proceed. What can I do?
You can agree a lesser deposit. Many property owners will agree to a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute