I have just been advised by my mortgage broker that my Ponthir lawyer is not on the mortgage company Solicitor panel. How can I be certain that this is indeed the case?
Your first step should be to contact your Ponthir conveyancer. It is reasonable to expect your lawyer to inform you what has happened. If they are not on the panel they may be able to suggest a Ponthir conveyancing practice that is on the conveyancing panel for your lender.
Forgive me if this question is silly but I am unexperienced as a 1st time buyer of a ground floor flat in Ponthir. Do I receive the keys to the premises on the completion date from my lawyer? If this is the case, I will appoint a High Street conveyancing solicitor in Ponthir?
On the day of completion you do not need to go to the conveyancers office in Ponthir. Conveyancing lawyers for you will electronically transfer the completion advance to the vendor’s solicitors, and shortly after the monies have arrived, you will be invited to pick up the keys from the Estate Agents and move into your new home. This tends to happen between 1 and 3pm.
Is it the case that all Ponthir solicitor practices on the Coventry BS conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Coventry BS conveyancing panel they would need to be governed by the SRA. The majority of mortgage companies do permit licenced conveyancers on their panel in which case such organisation would be overseen by the Council of Licensed Conveyancers.
My sealed bid on a detached house in Ponthir has been agreed to, the owners do nevertheless have an associated purchase. The sellers have offered on a flat, but it’s not yet tied up, and are looking at other properties in the pipeline. I have selected a nearby conveyancing solicitor in Ponthir. What do I do now? At what point should I apply for the mortgage with Leeds Building Society?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is in the region of £1k, then valuation, Ponthir conveyancing search fees, etc). First, you must check that your lawyer is on the Leeds Building Society conveyancing panel. Regarding the next stages this very much depends on the uniqueness of your transaction, desire for this property and on the state of the market. During a rising market the majority of home buyers would apply for the mortgage with Leeds Building Society and pay for the valuation and only if it comes back ok would they request their lawyer to press on with the conveyancing in Ponthir.
The estate agent has sent us the confirmation of our purchase of a new build flat in Ponthir. Conveyancing is daunting 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 legal work.
Set out below are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Ponthir
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. 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. Please confirm the Lease plans are architect prepared. There must be mutual enforceability of lessee’s covenants.
I have been on the look out for a leasehold apartment up to £235,500 and identified one near me in Ponthir I like with open areas and railway links in the vicinity, the downside is that it's only got 51 years on the lease. There is not much else in Ponthir for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage that many years may be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
I am a fortnight into a leasehold purchase having been referred to a firm by the local agent to handle our conveyancing in Ponthir. I am am starting to be dissatisfied with the level of service. Could you help me find new lawyers?
A lawyer would need to be really poor in order to consider diss instructing them. Has the loan offer been generated? If so you need to make them aware of the new contact details and have the loan are issued to the new lawyers. Your conveyancer should be on the lenders approved list to avoid added fees and frustration. That should be your starting point. The search tool should help you find a lender approved conveyancer for your home move in Ponthir
I am on look out for some leasehold conveyancing in Ponthir. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Ponthir - 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.
I bought a ground floor flat in Ponthir, conveyancing having been completed February 2001. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Ponthir with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease expires on 21st October 2084
With 59 years remaining on your lease we estimate the price of your lease extension to range between £20,900 and £24,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.