My partner and I are planning to buy a house in Usk and have appointed a Usk conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Alliance & Leicester have this afternoon contacted us to advise us that there is now an issue as our Usk solicitor is not on their conveyancing panel. Please explain?
Where you are buying a property requiring a mortgage it is conventional for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Usk solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
My husband and I are approaching an exchange on a property in Usk and my parents have transferred the 10% deposit to my conveyancing practitioner. I am now told that as the deposit has not arrived from me my conveyancer needs to disclose this to my bank. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the bank concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to hold matters up?
The conveyancer is obliged to clarify with mortgage company to ensure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
It is a dozen years since I purchased my property in Usk. Conveyancing solicitors have now been appointed on the sale but I am unable to find my title deeds. Is this a problem?
Don’t worry too much. First the deeds may be kept by the mortgage company or they could be in the possession of the lawyers who oversaw the purchase. Secondly in all probability the title will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors acquiring current official copies of the land registers. Nearly all conveyancing in Usk relates to registered property but in the rare situation where your property is unregistered it is more tricky but is not insurmountable.
How do I discover of the solicitor conducting my conveyancing in Usk is on the mortgage lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Clydesdale thus spending £187.00 plus VAT in supplemental conveyancing bill.
You should take advantage of the find a conveyancing panel solicitor tool on this page. Please choose the mortgage company and type ‘Usk’ or your preferred area and you will be presented with numerous conveyancers offices in Usk or by proximity to you.
I am a sole trader wishing to lease a unit on a shopping parade. Can you recommend lawyers offering fixed costs for non-domestic conveyancing in Usk for below £2000?
We can recommend firms who have well rounded knowledge of commercial conveyancing in Usk, including the sale and acquisition of businesses as well as simply property. Whether you are intending to acquire or sell a shop, pub, restaurant, office, retail unit or a whole business we can find you the right solicitor. Regarding the charges this will depend on the structure and nuances of the proposed transaction. Please provide us with your details or email so as to enable us to provide you with a detailed commercial conveyancing calculation.
Completion is due on our sale of a £375,000 apartment in Usk on Friday in a week. The freeholder has quoted £300 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Usk?
Usk conveyancing on leasehold flats usually necessitates the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries the majority will be willing to assist. They may levy a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it exceeds £800. The administration charge demanded by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, without which the invoice is technically not due. In reality you have no option but to pay whatever is requested of you should you wish to sell the property.
I purchased a basement flat in Usk, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Usk with an extended lease are worth £190,000. The ground rent is £45 per annum. The lease runs out on 21st October 2087
You have 62 years remaining on your lease we estimate the premium for your lease extension to range between £17,100 and £19,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.