I am hoping to move into my new home in Swansea next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the bank expect the insurance to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 instructions. These obligations are not unique to conveyancing in Swansea.
My wife and I are purchasing a house in Swansea. I might seem paranoid but how we can trust a lawyer? At some point we will need to deposit our life savings into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I have paid off my mortgage with Principality. I assume I don't need a Swansea solicitor on the Principality panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Principality mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Principality mortgage from the register. Principality, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Principality has sent the Land Registry the discharge electronically, and
- Principality has instructed the Land Registry to do so
Yorkshire BS have agreed my mortgage in principle, my offer on a apartment in Swansea has been accepted, what are the next steps?
The property agent will need to know who your solicitors are (make sure the solicitors are on the lender’s panel). Telephone Yorkshire BS or your financial adviser and complete any appropriate documentation. Yorkshire BS will appoint a valuer who will get in contact with the estate agent or vendor to arrange an appointment. Once carried out (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Yorkshire BS will send 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 Swansea.
Will my conveyancer be making enquiries regarding flooding during the conveyancing in Swansea.
The risk of flooding is if increasing concern for solicitors dealing with homes in Swansea. There are those who acquire a house in Swansea, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to give advice on flood risk, however there are a number of checks that may be carried out by the buyer or by their solicitors which should give them a better understanding of the risks in Swansea. The conventional set of completed inquiry forms given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a standard question of the vendor to determine whether the premises has suffered from flooding. If the property has been flooded in past which is not disclosed by the vendor, then a buyer may commence a compensation claim as a result of such an incorrect reply. A buyer’s lawyers may also commission an enviro report. This will disclose whether there is a recorded flood risk. If so, additional investigations will need to be carried out.
I'm purchasing a new build house in Swansea with the aid of help to buy. The builders refused to budge the amount so I negotiated 6k of additionals instead. The property agent told me not disclose to my solicitor about the extras as it would put at risk my loan with Britannia. Do I keep my lawyer in the dark?.
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 CML website. CML 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.
Due to the guidance of my in-laws I had a survey completed on a property in Swansea in advance of retaining conveyancers. I have been informed that there is a flying freehold aspect to the house. Our surveyor has said that some banks may not grant a mortgage on this type of home.
It depends who your proposed lender is. Lloyds has different requirements from Nationwide. If you e-mail us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Swansea. Conveyancing may be slightly more expensive based on your lender's requirements.
My wife and I purchased a leasehold house in Swansea. Conveyancing and Coventry Building Society mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1992. The conveyancing solicitor in Swansea who previously acted has now retired. What should I do?
First contact the Land Registry to make sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to instruct a Swansea conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I own a split level flat in Swansea, conveyancing having been completed 9 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? Similar properties in Swansea with an extended lease are worth £191,000. The ground rent is £55 charged once a year. The lease expires on 21st October 2079
With only 53 years left to run we estimate the premium for your lease extension to range between £27,600 and £31,800 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.