I am buying a newly built flat in Rhosllanerchrugog and my solicitor is advising me that she has to the bank to reveal incentives from the seller. I am nearing the developer’s deadline to exchange and I don't want to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My uncle passed away 10 months ago and as sole heir and executor I was left the property in Rhosllanerchrugog. The house had a relatively small loan left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Kent Reliance, pay off the mortgage. Is this possible?
Where you plan to re-mortgage then Kent Reliance will require that you use a conveyancer on the Kent Reliance conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Kent Reliance conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Kent Reliance mortgage is registered as a charge at the Land Registry.
Is there a list of Kent Reliance panel conveyancers in Rhosllanerchrugog on the Building Society Association’s Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association websites. Very few banks make their panel listings open the public over the internet. Where you are in need of a Rhosllanerchrugog conveyancing practitioner on the Kent Reliance please use our tool.
My partner and I have organised the release of further monies on our mortgage from Santander as we wish to conduct alterations to our house in Rhosllanerchrugog. Are we obliged to select a local Rhosllanerchrugog solicitor on the Santander conveyancing panel to deal with the paperwork?
Santander don't usually instruct a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Santander panel.
Intending to buy a flat in Rhosllanerchrugog. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the RBS 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 Rhosllanerchrugog conveyancing practitioner is on the RBS conveyancing panel.
I am thinking of appointing a conveyancing practitioner in Rhosllanerchrugog for my remortgage. Is there any facility to see a solicitor's record with the legal regulator?
Anyone may read presented Solicitor Regulator Association (SRA) decisions resulting from inquisitions from 2008 onwards. Visit Check a solicitor's record. To find details about the period before 1 January 2008, or to check a solicitors record, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, dial +44 (0)121 329 6800. The regulator sometimes monitor telephone calls for training requirements.
I am a negotiator for a busy estate agent office in Rhosllanerchrugog where we see a few flat sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Rhosllanerchrugog conveyancing firms. Please can you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I invested in buying a 2 bed flat in Rhosllanerchrugog, conveyancing formalities finalised 6 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Rhosllanerchrugog with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 per annum. The lease ceases on 21st October 2091
With 66 years remaining on your lease we estimate the price of your lease extension to span between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.
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 in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns 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.
We are expecting to exchange on the purchase a property in Rhosllanerchrugog but as a consequence of damage from the recent storms I have agreed recompense from the owner of £2k taking the form of a reduction in the price. This was going to be dealt with as part of the conveyancing process but the lender will not permit this. Why were they notified?
The solicitor that is on a lender approved list is duty bound to advise the bank of any variations to the purchase figure. In the event that you did not allow your conveyancer to notify the reduction to your bank then they would need to discontinue acting for you and the bank.