Is the fact that my solicitor in Pontardawe is not listed on my lender's conveyancing panel that there is a problem with the standard of his conveyancing?
That is most likely an incorrect assumption to make. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Pontardawe conveyancing firm and ask them why they are no longer on the approved list for your lender.
I own a freehold premises in Pontardawe but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Pontardawe and has limited impact for conveyancing in Pontardawe but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
Can you help - my lawyer advises that breach of easement insurance is required on my purchase. What is the level of cover for Pontardawe conveyancing?
The appropriate level of breach of easement indemnity insurance should be dictated by who your lender. It would differ for example between Lloyds TSB Bank and Virgin Money. Conveyancing solicitors as opposed to members of the public take out such insurances.
When it comes to mortgage companies such as RBS, do Pontardawe conveyancing practitioners face a fee to be on the list of approved solicitors?
We are not aware of any bank fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
About to purchase flat in Pontardawe. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Lloyds conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Pontardawe conveyancing practitioner is on the Lloyds conveyancing panel.
We're new on the property ladder - agreed a price, yet the estate agent told us that the vendor will only move forward if we use the agent's recommended solicitors as they want a ‘quick sale’. Our preferred option is to instruct a high street solicitor used to conveyancing in Pontardawe
It is unlikely the vendors are behind this. If they desire ‘a quick sale', taking such a hostile approach to a genuine buyer is not the way to achieve this. Avoid the agents and go straight to the sellers and make the point that (a)you are motivated purchasers (b)you are excited to move forward, with finances in place © you have nothing to sell (d) you intend to proceed fast (e)however you are going to instruct your own,trusted Pontardawe conveyancing lawyers - rather thanthose that will provide their negotiator at the agency a kickback or meet his conveyancing thresholds set by corporate headquarters.
I own a leasehold flat in Pontardawe. Conveyancing and Aldermore mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Pontardawe who acted for me is not around. What should I do?
The first thing you should do is contact the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Pontardawe conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I acquired a ground floor flat in Pontardawe, conveyancing having been completed 4 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Pontardawe with a long lease are worth £227,000. The ground rent is £50 levied per year. The lease terminates on 21st October 2096
With only 71 years left to run the likely cost is going to be between £9,500 and £11,000 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.
Why can I not complete our conveyancing in Pontardawe on a bank holiday?
Because on completion the purchase price will be transferred electronically between the banks of the buyer and owner’s solicitor and at present this can only occur on a business day. So you can't complete on a weekend either.