Our conveyancer has discovered a a legal deficiency with the lease for the property we are buying in Pontyclun. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must ensure that the lender is willing to move forward with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. The appropriate lender conditions must be adhered to.
I have just over seventy years left on my lease and require a lease extension for my flat in Pontyclun. Conveyancing solicitors on the Tesco Bank panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 21/11/2024 the requirements read as follows :
We are purchasing a property in Pontyclun. I might seem paranoid but how we can trust a conveyancer? On completion day we will need to put funds into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We had appointed conveyancing lawyers with offices in Pontyclun on the Lloyds solicitor approved list. They are now charging me an additional sum for dealing with the Lloyds mortgage. Is this an additional conveyancing fee specified by Lloyds?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your solicitor may charge a fee for this. This fee is not dictated by Lloyds but by your Pontyclun conveyancer. Plenty of firms on the Lloyds panel will quote an ‘acting for lender’ fee but many firms incorporate it on their overall fee.
The mortgage over my property is with Coventry BS for my property in Pontyclun. Conveyancing has been completed some time ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Coventry BS?
Your original mortgage agreement with Coventry BS will provide that you need their approval before renting your property as this is likely to be a breach of Coventry BS’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Coventry BS directly. It should not be necessary to do this via a Coventry BS conveyancing panel firm.
Due to the guidance of my in-laws I had a survey completed on a property in Pontyclun prior to instructing lawyers. I have been advised that there is a flying freehold overhang to the house. The surveyor has said that some lenders may refuse to issue a loan on a flying freehold house.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. Should you wish to call us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Pontyclun. Conveyancing will be smoother if you use a solicitor in Pontyclun especially if they regularly deal with such properties in Pontyclun.
My father-in-law has suggested that I instruct his conveyancers in Pontyclun. Should I use them?
Much as we are happy to recommend a Pontyclun conveyancing lawyer the best way to find a conveyancing lawyer is to get guidance from friends or family who have used the firm you're considering.
When it comes to leasehold conveyancing in Pontyclun what are the most common lease problems?
Leasehold conveyancing in Pontyclun is not unique. All leases are drafted differently and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:
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Service charge per centages that don't add up correctly leaving a shortfall Insurance obligations
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, The Mortgage Works, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.
Leasehold Conveyancing in Pontyclun - A selection of Questions you should consider before Purchasing
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What prohibitions exist in the Pontyclun Lease? What is the name of the managing agents? How much is the yearly maintenance fee and ground rent?