I have just started taking steps with the intention of switching my current residential loan to a BTL Platform Home Loans Ltd mortgage. I have been informed by my broker that I must appoint a lawyer for this. I had a chat my former Nantyglo conveyancing practitioner who dealt with the legals when I initially acquired the house. The quote sent of £500 is surprising as its a remortgage than a sale or purchase.
The charges are a tad high. If you are happy to expend time scrutinising charges you may be able to reduce the fees marginally by as much as £125. On the other hand, assuming were pleased with the assistance the firm gave you couldcome to regret opting for an an unknown solicitor. Don't forget to enquire that the conveyancer can also act for Platform Home Loans Ltd. You can use our search tool to choose a Nantyglo conveyancing firm on the Platform Home Loans Ltd member panel, which can often include conveyancing solicitors in Nantyglo.
I have been told that property searches are a common reason for stalling in Nantyglo house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature within the common causes of delays in the conveyancing process. Local searches are not likely to feature in any delay in conveyancing in Nantyglo.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a quick, chain free conveyancing. Nantyglo is where the house is located. What do you suggest?
Flying freeholds in Nantyglo are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Nantyglo you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Nantyglo may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I was advised by two or three local estate agents in Nantyglo to select a property lawyer on your site. What’s the financial advantage for Estate Agents to offer your services over another?
We don’t give any referral fee for pointing buyers and sellers in our direction. We found it would be just too difficult to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
Am I best advised to instruct a Nantyglo conveyancing lawyer in close proximity to the house I am buying? I have an old university friend who can conduct the conveyancing however his firm is located a couple of hundredmiles drive away.
The benefit of a high street Nantyglo conveyancing practice is that you can visit the firm to execute paperwork, deliver your identification documents and pester them if necessary. Having local Nantyglo know how is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have instructed your friend and in the main were content that should outweigh using an unknown Nantyglo conveyancing solicitor solely due to them being based in the area.
I work for a reputable estate agent office in Nantyglo where we see a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Nantyglo conveyancing firms. Can you confirm whether the vendor of a flat can commence 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 purchaser.
I bought a split level flat in Nantyglo, conveyancing formalities finalised in 1999. Can you work out an approximate cost of a lease extension? Equivalent flats in Nantyglo with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 per annum. The lease terminates on 21st October 2079
With only 54 years unexpired the likely cost is going to range between £32,300 and £37,400 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.