My solicitor has identified a a legal deficiency with the lease for the apartment we are purchasing in Taffs Well. The other side have suggested title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer has advised that he must check that the lender is content with this solution. Who is the client here, us or the lender?
Regardless of the fact that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the bank are the client. These conveyancing instructions must be adhered to.
Having sold my house in Taffs Well last October yet the purchaser is whats apping me complaining that their lawyer needs to hear from mine. What should my lawyer have done now that I have sold?
After completion of your disposal your solicitor should forward the transfer deeds and all supplemental paperwork to the purchaser's lawyers. If applicable, your conveyancer should also confirm that the home loan has been repaid to the buyers lawyers. There is unlikely to be post completion formalities just for conveyancing in Taffs Well.
I am purchasing a terraced house in Taffs Well. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Taffs Well you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Taffs Well.
Can you help - my lawyer advises that chancel insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Taffs Well?
The right level of chancel indemnity insurance should be dictated by who your lender. It would differ for example between Lloyds TSB Bank and Bank of Scotland. Conveyancing solicitors as opposed to borrowers take out such policies.
I have a mortgage with HSBC for my property in Taffs Well. Conveyancing was finalised a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform HSBC?
You must advise HSBC before letting out your property as this is likely to be a breach of HSBC’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact HSBC directly. You need not do this via a HSBC conveyancing panel lawyer.
I was told four weeks ago that my mortgage has been agreed to by Principality. Is it usual for Principality to only issue the offer once my solicitor in Taffs Well is approved on their conveyancing panel? Principality have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Principality to deal with your lawyer's application to be on the Principality conveyancing panel. There's no guarantee that your solicitor will be accepted.
We are 18 days into a residential purchase having been recommend to solicitors by the local agent to handle our conveyancing in Taffs Well. I am am very dissatisfied with the quality of service. Could you help me find new lawyers?
A solicitor would need to be really poor in order to consider diss instructing them. Has the loan offer been sent? If so you will need to advise them of the new contact details and ensure the loan are re-sent. Your new conveyancer needs to be on the lenders panel to avoid escalating charges and delays. That should be your starting point. The search tool can assist you in finding a lender approved solicitor for your conveyancing in Taffs Well
I only have 62 years left on my flat in Taffs Well. I now want to get lease extension but my freeholder is missing. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to prove that you or your lawyers have used your best endeavours to find the freeholder. In some cases an enquiry agent would be useful to conduct investigations and prepare a report which can be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor both on investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Taffs Well.
I bought a 2 bed flat in Taffs Well, conveyancing formalities finalised March 1998. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Taffs Well with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease finishes on 21st October 2085
With only 61 years unexpired we estimate the price of your lease extension to range between £18,100 and £20,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.