Two weeks ago we had a mortgage agreed in principle with Bank of Ireland. Tonypandy conveyancing practitioners are appointed. How long does it take for Bank of Ireland to send the offer to the conveyancer?
There is no definitive answer here. Have Bank of Ireland done the valuation? Have you advised Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
We were going to get a AIP from Nottingham this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Nottingham recommend any Tonypandy solicitors on the Nottingham conveyancing panel, or is it better to go independently?
You will need to appoint Tonypandy solicitors independently although you'll need to choose one on the Nottingham conveyancing panel. The solicitor represents both you and Nottingham through the process.
My husband and I are at the point of looking at apartments in Tonypandy and I am now considering a potential offer. Is it too early to have a solicitor in place? I intend to finance via a home loan with Co-operative.
It would be advisable to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. As you are taking out a mortgage with Co-operative, ask your prospective lawyers if they are on the Co-operative conveyancing panel otherwise they can't do the mortgage legal work.
It has been four months following my purchase conveyancing in Tonypandy concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. 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 premises 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 am purchasing my first flat in Tonypandy with a loan from Nottingham Building Society. The sellers would not reduce the amount so I negotiated £7000 of extras instead. The property agent advised me not to tell my lawyer about this side-deal as it may affect my loan with the lender. 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.
I have been on the look out for a ground for flat up to £305k and identified one close by in Tonypandy I like with amenity areas and station in the vicinity, however it only has 51 years on the lease. There is not much else in Tonypandy for this price, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan the remaining unexpired lease term will be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
I today plan to offer on a house that appears to be perfect, at a great price which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Tonypandy. Conveyancing advisers have are about to be instructed. Will they explain the issues?
The majority of houses in Tonypandy are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Tonypandy in which case you should be looking for a Tonypandy conveyancing practitioner and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor will report to you on the legal implications.
Tonypandy Leasehold Conveyancing - A selection of Queries Prior to Purchasing
-
For most Tonypandy leaseholds the outlay for major works are not incorporated into the service charges, albeit that some managing agents in Tonypandy require tenants to pay into a reserve fund and this is used to offset against larger works. This information is helpful as a) areas can result in problems for the building as the common areas may start to deteriorate if repairs remain unpaid b) if the leaseholders have a dispute with the managing agents you will want to have all the details Who are the managing agents?
Much to my surprise my conveyancing solicitor in Tonypandy has requested from me personal identification documents saying that this forms part of his legal duty as a conveyancer on the mortgage company Conveyancing panel. Can you confirm whether this is the case?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offence if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage, your lawyer also has to check ID documents to satisfy the mortgage company. This is not specific to conveyancing in Tonypandy