I plan on acquiring property in Pembrokeshire. My property lawyer has never been on on the mortgage company solicitor list. Is it possible for me to appoint my Pembrokeshire conveyancing solicitor even though they are excluded from the lender panel?
Various options include
- Complete the purchase with your existing Pembrokeshire solicitor but your mortgage company will need to retain a conveyancer from their approved panel. The net result is additional charges and likely frustration.
- Choose a fresh property lawyer to act in the purchase, obviously checking they are on the mortgage company conveyancing panel.
- Convince your property lawyer to pull out all the stops to get accepted on the bank’s conveyancing panel
Me and my wife are acquiring our first home. Our property lawyer has contact usto see if we wish to purchase supplemental conveyancing searches. As novices we in the dark as to what's relevant for conveyancing in Pembrokeshire
The extent of Pembrokeshire conveyancing searches depends entirely on the premises, the location, the likelihood of any of these risks, your familiarity of the locality and risks, your general approach to risk. What is important is that you properly comprehend what information each search could supply. You may then decide if you consider that you need that information. Where you are in doubt, ask the lawyer to guide you.
3 months have gone by since my purchase conveyancing in Pembrokeshire concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
The estate agent has sent us the confirmation of our purchase of a new build flat in Pembrokeshire. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Pembrokeshire
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please confirm the Lease plans are architect prepared. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. 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. There must be mutual enforceability of lessee’s covenants.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one round the corner in Pembrokeshire I like with a park and transport links nearby, the downside is that it's only got 51 years unexpired on the lease. I can't really find anything else in Pembrokeshire for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a home loan the remaining unexpired lease term will be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you may 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 term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
I am on look out for some leasehold conveyancing in Pembrokeshire. Before I get started I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Pembrokeshire - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Leasehold Conveyancing in Pembrokeshire - A selection of Queries Prior to Purchasing
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How much is the ground rent and service charge? Many Pembrokeshire leasehold properties will incur a service bill for maintenance of the building levied on behalf of the management company. If you purchase the flat you will have to meet this contribution, usually periodically accross the year. This may be anything from several hundred pounds to thousands of pounds for blocks with lifts and large communal areas. There will also be a ground rent for you to pay annual, this is usually not a large amount, say approximately £50-£100 but you should to check as on occasion it can be many hundreds of pounds. The prefered form of lease structure is where the freehold reversion is in the ownership of the leaseholders. In this situation the lessees benefit from control and although a managing agent is frequently employed if the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves.