Forgive me if this question is silly but I am unseasoned as a 1st time purchaser of a garden flat in Swansea City. Do I collect the keys to the house on completion from my lawyer? If this is the case, I will appoint a local conveyancing solicitor in Swansea City?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the owner’s solicitors, and once they have received this, you will be able to collect the keys from the selling Agents and move into your new home. Usually this occurs between 1 and 3pm.
I am the only beneficiary of my late father’s estate with all property in now in my sole name, including the my former home in Swansea City. Conveyancing formalities meant that the Land Registry date was in May. I plan to dispose of the property. I understand that there is a CML six month 'rule', meaning my proprietorship will be treated the same way as though I had purchased the house in May. Will no one buy the property for half a year?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. Most lenders would take a sensible view as this provision primarily exists to pick up on subsales or the flipping of property.
About to purchase maisonette in Swansea City. 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 Virgin Money 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 Swansea City solicitor is on the Virgin Money conveyancing panel.
Is it necessary to pay for insurance to protect me from financial exposure to chancel repairs when buying a property in Swansea City?
Unless a previous acquisition of the property completed post 12 October 2013 you can take it that lawyers handling conveyancing in Swansea City to continue to recommend a chancel search and or insurance against a claim.
I'm purchasing a new build house in Swansea City with a mortgage from Accord Mortgages Ltd. The sellers would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative suggested that I not disclose to my conveyancer about this extras as it could jeopardize my loan with Accord Mortgages Ltd. 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 advice of my in-laws I had a survey completed on a house in Swansea City ahead of retaining lawyers. I have been informed that there is a flying freehold element to the house. Our surveyor advised that some banks will refuse to give a mortgage on this type of home.
It varies from the lender to lender. Bank of Scotland has different requirements from Halifax. Should you wish to call us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Swansea City. Conveyancing will be smoother if you use a solicitor in Swansea City especially if they are familiar with such properties in Swansea City.
Is it possible to transfer to a new firm as I need to choose one who is on the Coventry Building Society conveyancing list. I hired a local conveyancing solicitor in Swansea City round the corner but she is not accepted by Coventry Building Society
We will our best to assist in finding you a conveyancing solicitor in Swansea City on the Coventry Building Society panel. Please note that the law firms that we work with do not pay us commission if you instruct them and are registered with the SRA who regulate all conveyancing solicitors in Swansea City. In utilising the find a conveyancing solicitor tool on this site, you can scrutinise costs for conveyancing solicitors in Swansea City and throughout England and Wales.
I am attracted to a two flats in Swansea City which have about 50 years remaining on the leases. Do I need to be concerned?
There are plenty of short leases in Swansea City. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorates and it becomes more costly to acquire a lease extension. This is why it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area.
Leasehold Conveyancing in Swansea City - A selection of Queries Prior to Purchasing
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How is the lease structured? Most Swansea City leasehold flats will incur a service bill for maintenance of the block levied on behalf of the freeholder. Where you buy the apartment you will have to pay this contribution, normally quarterly throughout the year. This could differ from a few hundred pounds to thousands of pounds for bigger purpose-built buildings. In all likelihood there will be a ground rent to be met yearly, ordinarily this is not a significant sum, say approximately £25-£75 but you should to check as sometimes it could be many hundreds of pounds.