We are purchasing a brand new apartment in Pencoed and my conveyancer is telling me that she is duty bound to the bank to reveal incentives from the developer. I am under pressure to exchange contracts and I don't want to delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We wanted to use a conveyancing solicitor in Pencoed for our house purchase. Our financial adviser has since advised us that our mortgage lenders Halifax won't deal with them. Surely this is unduly restrictive?
Mortgage Companies in the main imposes restrictions either the type or the volume of conveyancing solicitors on their member panel. A common example of such restriction(s) being that a firm must not be a sole practitioner. In addition to restricting the profile of firm, some have decided to limit the amount of solicitor practices they use to act for them. Be aware that Halifax have no responsibility for the quality of advice provided by any member of Halifax Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of conveyancing panels a few years ago even though there remains mixed opinions concerning the extent of solicitor engagement in some of that fraud. Data from the Land Registry reveal that hundreds of law firms, including some in or near Pencoed only carry out very few conveyances a year.
Are there restrictive covenants that are commonly picked up during conveyancing in Pencoed?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Pencoed. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a ground for flat up to £195,000 and found one round the corner in Pencoed I like with open areas and railway links nearby, the downside is that it only has 52 years on the lease. There is not much else in Pencoed in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan the shortness of the lease will be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you could request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
My husband and I are new to the buying process - had an offer accepted, but the selling agent has warned us that the owners will only issue a contract if we use the agent's chosen lawyers as they want an ‘expedited deal’. My instinct tells me that we should use a family conveyancer with experience of conveyancing in Pencoed
We suspect that the seller is not behind this ultimatum. If they want ‘a quick sale', taking such a hostile approach to a genuine buyer is is going to put the whole deal at risk. Try to communicate with the vendors directly and make sure they understand (a)you are keen to buy (b)you are excited to move forward, with finances in place © you are unencumbered (d) you intend to proceed fast (e)but you are going to appoint your own,trusted Pencoed conveyancing lawyers - not the ones that will give the estate agent a referral fee or achieve conveyancing figures demanded by senior management.
Can you offer any advice when it comes to finding a Pencoed conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Pencoed conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Pencoed conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be helpful:
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Can they put you in touch with clients in Pencoed who can give a testimonial? How experienced is the firm with lease extension legislation?
I inherited a studio flat in Pencoed, conveyancing having been completed in 1996. Can you work out an approximate cost of a lease extension? Comparable flats in Pencoed with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 per annum. The lease comes to an end on 21st October 2084
With 59 years unexpired we estimate the price of your lease extension to span between £20,900 and £24,200 as well as professional fees.
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 investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.