Can you explain why leasehold purchase conveyancing in Torfaen costs more?
The conveyancing charges on a leasehold premises in Torfaen is often greater than on a freehold residence. This is due to the supplemental investigations required in corresponding with the freeholder and management company to collate the information concerning whether the rent and maintenance fee have been discharged and whether there are any major works due in the foreseeable future on repairs or maintenance of the building.
This question may be naive but I am unseasoned as FTB of a garden flat in Torfaen. Do I pick up the keys to the property on completion from my solicitor? If so, I will find a High Street conveyancing solicitor in Torfaen?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the completion advance to the owner’s solicitors, and once they have received this, you will be able to collect the keys from the Estate Agents and start moving into the property. This tends to happen between 1 and 3pm.
We had selected conveyancers locally in Torfaen on the HSBC solicitor panel. They are now charging me an additional amount for the legal aspects of the HSBC mortgage. Is this a supplemental conveyancing fee set by HSBC?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your property lawyer is entitled to levy a fee for this. This fee is not set by HSBC but by your Torfaen property lawyer. Some firms on the HSBC panel will levy an ‘acting for lender’ fee but some practices incorporate it on their overall fee.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Torfaen building society branch on a couple of occasions and was told it wasn't a problem and they would lend. My Torfaen conveyancing solicitor - who is on the lender conveyancing panel- called and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
The property lawyer must comply with the CML Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
We are downsizing from our home in Torfaen and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. A high street Torfaen conveyancer would know this is not the case. It does beg the question why the buyers instructed a factory type conveyancing outfit as opposed to a conveyancing solicitor in Torfaen. We have lived in Torfaen for six years we know that this is a non issue. Should we get in touch with our local Authority to seek confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer already. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
I am buying a new build house in Torfaen with a mortgage from Lloyds TSB Bank. The developers refused to budge the amount so I negotiated 6k of additionals instead. The estate agent suggested that I not disclose to my solicitor about this side-deal as it may jeopardize my mortgage with Lloyds TSB Bank. 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.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one round the corner in Torfaen I like with open areas and transport links in the vicinity, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Torfaen in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan the remaining unexpired lease term may be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
Should I stop the direct debit for my mortgage with Clydesdale as soon as a completion date for my home sale in Torfaen has been agreed?
No, you must keep meeting any mortgage sums to Clydesdale pending the mortgage being redeemed on completion as part of your Torfaen conveyancing.