Is the fact that my solicitor in Torfaen is not identified on my mortgage company's solicitor panel that there is a problem with the quality of his work?
It would be unwise to jump to that conclusion. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Torfaen conveyancing practice and enquire why they are no longer on the approved list for your lender.
We are only a couple days away from an exchange on a flat in Torfaen and my mum and dad have sent the ten percent deposit to my solicitor. I am now advised that as the deposit has been sent from someone other than me my solicitor needs to make a notification to my lender. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I informed the lender regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
Your property lawyer is legally required to clarify with mortgage company to make sure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
When will exchange of contracts occur in purchase conveyancing in Torfaen and am I required to attend the conveyancers office?
If you are round the corner to one of the conveyancing solicitors in Torfaen you are invited in to sign documents. However, the lender approved solicitors we work with offer a countrywide conveyancing service and provide as equally detailed and professional a job for you when communicating with you by post or email. The signing of the property agreement is not when everything is set in stone. A signed contract simply enables the solicitor to officially exchange when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Torfaen)to be in the office at the appropriate time.
We wanted to use a conveyancing solicitor in Torfaen for our house purchase. Our financial adviser has since advised us that our mortgage lenders Barnsley Building Society won't deal with them. Why is this not regarded as unduly restrictive?
A lender may require an approved conveyancer act for it. Borrowers are expected to meet the cost of this. Please make use of our directory service to find a solicitor to conduct conveyancing in Torfaen on the Barnsley Building Society approved list of solicitors.
I am looking for a ground for flat up to £195,000 and found one close by in Torfaen I like with amenity areas and transport links nearby, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Torfaen for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan the shortness of the lease will likely be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
Back In 2007, I bought a leasehold house in Torfaen. Conveyancing and Platform Home Loans Ltd mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Torfaen who acted for me is not around. Do I pay?
First make enquiries of HMLR to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to instruct a Torfaen conveyancing firm to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Torfaen Leasehold Conveyancing - Examples of Queries before Purchasing
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On the whole the cost for major works are not included within maintenance charges, although there some managing agents in Torfaen ask leaseholders to contribute towards a reserve fund created for the specific intention of building a fund for major repairs or maintenance. Best to be warned whether a new roof is being put on or some other significant cost is due shortly to be shared between the leasehold owners and could well materially impact the level of the maintenance fees or result in a one off invoice. The answer will be helpful as a) areas can result in problems in the building as the common areas may begin to deteriorate if repairs are not paid for b) if the tenants have an issue with the running of the building you will want to have all the details