The owners of the home we are looking to purchase are using a conveyancing solicitor in Tonteg who has insisted on a preliminary agreement with a deposit two thousand pounds. Is it wise to enter into such agreements?
This type of agreement is not the norm in Tonteg, conveyancers will often try and steer clients away from them as they divert attention from the main conveyancing focus and if you end up losing your deposit then the solicitor is left exposed. In addition, there is no certainty that just because the owner has entered into an exclusivity agreement they will complete the sale with you. They may breach the agreement if they receive a big enough incentive to do so because a wronged claimant with the benefit of a exclusivitycontract will still have to show losses as a consequence of the breach and this may not equalise the extra amount that the owner may secure by reneging on the agreement, no matter how morally unworthy it undoubtedly is.
We're in Tonteg, First timers purchasing with a mortgage (lender is Nationwide , and our solicitor is on the Nationwide conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nationwide conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Various internet forums that I have come across warn that are the main reason for stalling in Tonteg conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays in the conveyancing process. Searches are unlikely to feature in any delay in conveyancing in Tonteg.
I purchased my flat on 6 September and my personal details is yet to be on the land registry website. Need I be worried? My conveyancing solicitor in Tonteg expressed confidence that it would be concluded inside ten days. Are properties in Tonteg particularly slow to register?
As far as conveyancing in Tonteg is concerned, registration is no faster or slower than anywhere else in England and Wales. Rather than based on location, timescales can vary depending on the party submitting the application, whether there are errors and whether the Land registry must send notices to any interested persons or bodies. Currently in the region of 80% of submission are fully addressed within two weeks but occasionally there can be extensive delays. Historically registration takes place once the new owner is living at the premises therefore 'speed' is not always an essential issue yet where there is a degree of urgency associated with the registration then you or your conveyancer must contact the land registry and explain the circumstances.
Do you have any top tips for leasehold conveyancing in Tonteg from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Tonteg can be reduced if you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold information which will be required by the purchasers’ lawyers. You believe that you know the number of years left on your lease but it would be advisable double-check via your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to where the lease term is less than 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share certificate. Arranging a re-issued share certificate is often a lengthy formality and delays many a Tonteg conveyancing transaction. If a reissued share is needed, you should approach the company officers or managing agents (if applicable) for this as soon as possible. If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Tonteg state that internal structural changes or laying down wooden flooring calls for a licence from the Landlord acquiescing to such changes. Where you dont have the consents to hand do not contact the landlord without contacting your conveyancer before hand. A minority of Tonteg leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
Tonteg Leasehold Conveyancing - A selection of Questions you should consider Prior to buying
-
Are any of leasehold owners in arrears of their service charge liability? What is the the remaining lease term? You will want to discover as much as possible about the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to practical issues such as the upkeep of the communal areas. Don't be afraid to ask prospective neighbours what they think of their service. Finally, find out the dates that you are obliged pay the maintenance charge to the appropriate party and specifically what it includes.
My fiance and I are purchasing a 2 bedroom housein Tonteg with a mortgage from a bank. We have a solicitor in Tonteg but our mortgage company inform us now that she’s not on their "panel". It seems we have little choice but to instruct one of the our lender panel solicitors or stay with our Tonteg conveyancer and incur the extra costs for one of their panel ones to represent our lender. We feel as though this is unjust; Can we not simply insist that our mortgage company use our Tonteg lawyer?
No, not really. The lender home loan issued is subject to conditions, one of which will be that solicitors will on the bank's conveyancing panel. in the past, most lenders had open panels, including most conveyancing solicitors in Tonteg : a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for your mortgage company.