I am only a couple days away from an exchange on a property in Penllergaer and my mum and dad have transferred the exchange deposit to my lawyer. I am now advised that as the deposit has been received from someone other than me my conveyancing practitioner needs to disclose this to my lender. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I informed the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The lawyer is legally required to clarify with lender to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Are the BSA intent on creating a search tool with a view to to identify solicitors on the Earl Shilton BS conveyancing panel for example in Penllergaer?
We would not expect to be advised of any plans on the part of the BSA to promote such a register.
We have agreed to purchase a house in Penllergaer. A rare aspect is that the roof has a solar panel. Skipton have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Skipton your lawyer must follow the formal instructions outlined in Part 2 of UK Finance Lenders’ Handbook for Skipton. The CML Handbook contains minimum provisions for solar panel roof-space leases, and conveyancers are required to report to Skipton where a lease fails to meet these provisions. The conditions relate to the installation of panels on properties nationwide and is not limited to Penllergaer.
I'm in the throws of looking at apartments in Penllergaer and I am about to put in an offer. Is it premature to have a solicitor in place? I will be getting a home loan with Leeds Building Society.
It would be sensible to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. Given that you are taking out a mortgage with Leeds Building Society, ask your prospective lawyers if they are on the Leeds Building Society conveyancing panel otherwise they can't do the mortgage legal work.
My offer on a semi in Penllergaer has been accepted, but there is a chain. The sellers have put an offer on a flat, but it’s not yet agreed to, and are looking at other apartments in the pipeline. I have selected a nearby conveyancing solicitor in Penllergaer. What should be my next step? At what stage should I apply for the mortgage with Aldermore?
It is normal to have concerns where there is a chain as you are unlikely to want to incur expenses too early (home loan application is approx one thousand pounds, then survey, Penllergaer conveyancing search charges, etc). First, you must ensure that your lawyer is on the Aldermore conveyancing panel. Concerning the subsequent stages this very much dictated by the circumstances of your case, attraction to this property and on the state of the market. In a rising market the majority of buyers will apply for a home loan with Aldermore and pay for the valuation and only if it was satisfactory would they ask their conveyancer to press on with the conveyancing in Penllergaer.
How does conveyancing in Penllergaer differ for new build properties?
Most buyers of new build property in Penllergaer come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is ready to move into. This is because builders in Penllergaer typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Penllergaer or who has acted in the same development.
I have just started marketing my basement apartment in Penllergaer. Conveyancing has not commenced, but I have recently had a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is discharge the invoice as you normally would as all rents and service charges should be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I own a studio flat in Penllergaer, conveyancing formalities finalised in 1997. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Penllergaer with an extended lease are worth £186,000. The ground rent is £55 charged once a year. The lease runs out on 21st October 2077
With only 52 years unexpired we estimate the premium for your lease extension to range between £29,500 and £34,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
Am in the process of purchasing my first property in Penllergaer. Conveyancing lawyer already selected. The financial consultant advised that a survey is not needed as the property is just 20 yrs old.
You would be well advised to take a Home Buyer's Report. As the premises was constructed over a decade ago the property will not benefit from a warranty, so you don't want to take a risk. For a property that age with no signs of defects a Home Buyer's report may suffice. The report should highlight any apparent problems and suggest further investigation where appropriate. If there are any signs of problems get a full structural survey.