Two weeks ago we had a mortgage agreed in principle with Nationwide. St Fagans conveyancing lawyers were appointed. What is the average time that one could expect to receive a mortgage offer from Nationwide?
Some lenders take longer than others. Have Nationwide conducted the survey? Have you informed Nationwide as to your lawyers' details and checked that your lawyers are on the Nationwide conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
We were going to get a OIP from TSB this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do TSB recommend any St Fagans solicitors on the TSB conveyancing panel, or is it better to find our own lawyer?
You will need to appoint St Fagans solicitors independently although you'll need to choose one on the TSB conveyancing panel. The solicitor represents both you and TSB through the process.
It is not clear whether my bank requires a lease extension. I have telephoned my St Fagans bank branch on numerous occasions and was told it does not impact the mortgage offer and they will lend. My St Fagans conveyancing solicitor - who is on the bank conveyancing panel- called and was told they will not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the conveyancer is on the bank panel, they must comply with the Council of Mortgage Lenders’ 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
4 months have gone by since my purchase conveyancing in St Fagans took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. 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 asset 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.
I'm purchasing my first flat in St Fagans with a mortgage from Lloyds TSB Bank. The builders would not budge the price so I negotiated 6k of additionals instead. The house builders rep suggested that I not reveal to my lawyer about the deal as it could affect my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the UK Finance website. UK Finance form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what should have been a quick, chain free conveyancing. St Fagans is the location of the property. Can you offer any assistance?
Flying freeholds in St Fagans are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in St Fagans you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in St Fagans may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
How can the Landlord & Tenant Act 1954 impact my commercial offices in St Fagans and how can you help?
The 1954 Act affords protection to commercial leaseholders, giving them the right to make a request to court for a renewal lease and remain in occupation when the lease reaches an end. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complex. Fees are different for commercial conveyancing. St Fagans is one of the numerous locations in which the firms we work with have offices
Why do I have to send my conveyancing practitioner with a list of items of identification before I can commence with selling or buying a property in St Fagans?
St Fagans conveyancing practitioners are obliged by the Law Society, Solicitors Regulation Authority, HM Land Registry and current AML Regulations to certify that the have verified the identity of their clients. It is also sometimes a requirement of your mortgage offer. Furthermore they have to complete various forms, particularly those relating to stamp duty land tax and need to have information such as your full names, national insurance number and date of birth.