I have just been advised by my broker that my Solva the law firm I have appointed is not on the lender Conveyancing panel. What can I do to be sure that this is correct?
The first thing you need to do is to call your Solva lawyer directly. It is reasonable to expect your lawyer to notify you what has happened. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your mortgage company.
Have just purchased a repossessed house at auction in Solva. Conveyancing is required. What happens now?
Having legally committed yourself to purchase you will need to find a conveyancing solicitor as a matter of urgency as you are faced with a pending a drop dead date to complete the conveyancing. All auction property will have a corresponding auction set of papers. This should include evidence of title and search results. If you have purchased leasehold premises the legal papers may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to a leasehold property. You should give this to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that your finances are organised to complete on the on the contractual date .
We previously chose conveyancing lawyers locally in Solva on the Santander solicitor panel. They have just billed me an additional charge for the legal aspects of the Santander mortgage. Is this an additional conveyancing fee set by Santander?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your conveyancer may charge a fee for this. The charge is not dictated by Santander but by your Solva lawyer. Some firms on the Santander panel will charge an ‘acting for lender’ fee and others do not.
Lloyds have agreed my mortgage in principle, my offer on a apartment in Solva has been accepted, what happens next?
The property agent will need to be informed of your solicitor's details (be sure the conveyancers are on the lender’s panel). Contact Lloyds or the financial adviser and finish off any appropriate forms. Lloyds will sellect a valuer who will get in contact with the selling agent or owners to book a time for the valuation to take place. Once carried out (assuming no problems) it takes about a week to get a mortgage offer. Lloyds will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Solva.
I need some quick conveyancing in Solva as I have pressure to exchange contracts in less than 4 weeks. A home loan is not required. Is it possible to avoid the conveyancing searches to save fees and time?
As you are not taking a home loan you are at free not to do searches although no conveyancer would suggest that you don't. Drawing on our experience of conveyancing in Solva the following are examples of what can appear and therefore impact future saleability: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Road Schemes,...
Due to the advice of my in-laws I had a survey completed on a house in Solva prior to instructing lawyers. I have been informed that there is a flying freehold overhang to the house. The surveyor advised that some mortgage companies may not issue a loan on a flying freehold property.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. If you e-mail us we can investigate further via 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 Solva. Conveyancing will be smoother if you use a solicitor in Solva especially if they are accustomed to such properties in Solva.
I am looking at a two flats in Solva both have about fifty years unexpired on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Solva is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of purchasers and banks, leases with under 75 years become less and less marketable. 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 premises 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 property 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 Solva conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 any new 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 acquired a leasehold flat in Solva, conveyancing was carried out February 2004. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Solva with a long lease are worth £202,000. The ground rent is £55 invoiced annually. The lease runs out on 21st October 2081
You have 56 years left to run we estimate the price of your lease extension to be between £29,500 and £34,000 as well as costs.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. 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 move forward based on this information without first seeking the advice of a professional.
How much experience do your Solva conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Solva conveyancing lawyers help thousands of people move home every year and assisted lots of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Solva conveyancers have worked on recent similar cases.