I am not in a position to travel far from Rhymney. What is the rationale as to why all Rhymney conveyancing practitioners aren't included on all mortgage company panels?
Lenders ordinarily restrict either the type or volume of conveyancing firms on their approved list of lawyers. A common example of such criteria being that the practice must have at least two partners. In addition to restricting the type of firm, some have decided to restrict the number of firms they use to represent them. It is worth noting that banks have no accountability for the accuracy of conveyancing provided by any Rhymney conveyancer on their panel. Mortgage fraud was the key driver in the rationalisation of solicitor panels a few years ago notwithstanding that there are differing views concerning whether solicitors sat at the center of that fraud. Data via HMLR reveal that thousands of law practices only transact a couple of conveyances annually. Those vindicating conveyancing panel consolidation ask why conveyancing firms deserve the right to be listed on a conveyancing panel when clearly property law is not their speciality?
My wife and I are acquiring a brand new duplex in Rhymney and my conveyancer is advising me that she is duty bound to the lender to reveal incentives from the builder. The Estate Agents are hassling me to exchange contracts and I have no desire to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. 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 friend suggested that where I am buying in Rhymney I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes included in the estimate for your Rhymney conveyancing searches. It is not a small document of more than thirty pages, listing and detailing important information about Rhymney around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Rhymney Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Rhymney Education with plans and statistics, Local Amenities and other useful data about Rhymney.
Due to the input of my in-laws I had a survey completed on a property in Rhymney in advance of retaining lawyers. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some banks tend not issue a loan on this type of house.
It varies from the lender to lender. HSBC has different requirements from Nationwide. If you call us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Rhymney. Conveyancing will be smoother if you use a solicitor in Rhymney especially if they are acquainted with such properties in Rhymney.
Am I best advised to use a Rhymney conveyancing solicitor based in the vicinity that I am buying? An old friend can perform the conveyancing however they are based 200kilometers away.
The benefit of a local Rhymney conveyancing practice is that you can visit the firm to sign paperwork, deliver your ID and pester them where appropriate. They will also have local knowledge which is a benefit. That being said it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and in the main were content that should trump using an unfamiliar Rhymney conveyancing lawyer just because they are Rhymney based.
I am tempted by the attractive purchase price for a couple of maisonettes in Rhymney both have in the region of fifty years unexpired on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Rhymney is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of buyers and mortgage companies, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Rhymney conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I purchased a 1 bedroom flat in Rhymney, conveyancing having been completed 10 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Rhymney with a long lease are worth £186,000. The ground rent is £55 per annum. The lease runs out on 21st October 2078
With just 53 years remaining on your lease the likely cost is going to be between £27,600 and £31,800 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.