I am hoping to receive a mortgage offer from Nat West. I intend to employ the services of a Licensed Conveyancer in Port Talbot. Does the Nat West Solicitor panel allow for Licensed Conveyancers?
The Nat West conveyancing panel is, like many other lenders, associated to the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the CLC.
Please help - my lawyer advises that flying freehold insurance is necessary on my purchase. What is the level of cover for Port Talbot conveyancing?
The right level of flying freehold indemnity insurance should be dictated by who your lender. It would differ for example between Yorkshire Building Society and Coventry Building Society. Conveyancing practitioners as opposed to borrowers take out such insurances.
We were going to get a OIP from RBS this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do RBS recommend any Port Talbot solicitors on the RBS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Port Talbot solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
It is not clear whether my bank requires a lease extension. I have called into my local Port Talbot bank branch on various occasions and was told they are content with the situation and they will lend. My Port Talbot conveyancing solicitor - who is on the lender conveyancing panel- called and was told they will not lend in accordance with their published requirements. Who do I believe?
Provided that the solicitor is on the bank panel, they must adhere to the CML Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
3 months have gone by since my purchase conveyancing in Port Talbot took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Just had an offer accepted on a new build flat in Port Talbot. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Port Talbot
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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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please supply a car parking plan. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Forfeiture - bankruptcy or liquidation must not apply under this provision.
I am looking for a flat up to £305k and identified one close by in Port Talbot I like with amenity areas and railway links nearby, the downside is that it's only got 51 years unexpired on the lease. I can't really find anything else in Port Talbot for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan that many years will be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
I have today placed an offer on an apartment in Port Talbot and the mortgage adviser that we are using suggested his conveyancer. They quoted £800 excluding VAT and disbursements. Does this sound reasonable?
Don't just go on one quote. One should seek like-for-like quotes for your conveyancing in Port Talbot. Then select one that you are comfortable with and crucially, is on the approved panel of the mortgage company that you have applied for a mortgage from.