We were just about to exchange contracts for a semi detached house in Tredegar. We encountered a stumbling block. Our mortgage offer with Clydesdale runs out on 14/8/2026 but the owners are putting forward a completion date of 18/8/2026. Is it possible to prolong the loan offer?
The best person to deal with your concern is your lawyer who will hopefully calculate if he or she is corresponding with the mortgage broker, seller’s solicitors, property agents or conceivably all parties taking into account what has happend in your house move to date.
In what way does my ID and proof of funds have anything to do with my conveyancing in Tredegar? What am I being asked for?
Tredegar conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under money laundering regulations to verify the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).
Confirmation of source of funds is also necessary in compliance with the money laundering laws as lawyers are mandated to investigate that the funds you are using to acquire a property (be it the exchange deposit or the full purchase price if you are a cash purchaser) has come from legitimate source (such as employment savings) rather than the product of criminal behaviour.
Is it necessary during the course of the conveyancing process to visit the offices of the solicitor to sign the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Tredegar so that I can attend their offices if required.
As opposed to 12 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to supply identification documents and there are still manifest benefits to instructing a local ayer, in your case a conveyancing solicitor in Tredegar.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Tredegar is where the house is located. Can you shed any light on this issue?
Flying freeholds in Tredegar are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Tredegar you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Tredegar may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
How can the Landlord & Tenant Act 1954 affect my commercial premises in Tredegar and how can you help?
The 1954 Act gives security of tenure to business lessees, granting the legal entitlement to make a request to court for a renewal tenancy and remain in occupation at the end of the lease term. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and handle your commercial conveyancing in Tredegar
I am employed by a busy estate agent office in Tredegar where we have witnessed a number of flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Tredegar conveyancing solicitors. Please can you clarify whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I inherited a 1 bedroom flat in Tredegar, conveyancing having been completed 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Tredegar with a long lease are worth £176,000. The ground rent is £50 per annum. The lease runs out on 21st October 2106
With 80 years left to run the likely cost is going to span between £8,600 and £9,800 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.