We are purchasing a house in Wenvoe. It might be a silly question but how we can trust a solicitor? At some point we have to deposit money into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I'm the sole beneficiary of my late father’s will with all property in now in my sole name, including the my former home in Wenvoe. Conveyancing formalities meant that the Land Registry date was in April. I plan to dispose of the property. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership will be treated the same way as if I'd bought the house in April. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. How practical a view mortgage companies take of it, depend on the bank as this requirement is principally there to capture subsales or the flipping of properties.
I am due to exchange contracts on my apartment. I had a double glazing fitted in January 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Santander are being problematic. The Wenvoe solicitor who is on the Santander conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Santander are requiring a building regulation certificate. Why do Santander have a conveyancing panel if they don't accept advice from them?
It is probably the case that Santander have referred the matter to their valuer. The reason why Santander may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
My partner and I are close to exchanging contracts on the sale of our home in Wenvoe and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. A local lawyer would know that there is no such problem. It does beg the question why the buyers instructed a nationwide conveyancing outfit as opposed to a conveyancing solicitor in Wenvoe. Having lived in Wenvoe for 5 years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to get confirmation that there is no issue.
It sounds as though you may have a conveyancing solicitor already. Are they able to advise? You need to check with 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 life insurance to cover that same illness)
How does conveyancing in Wenvoe differ for newly converted properties?
Most buyers of new build or newly converted property in Wenvoe approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Wenvoe usually purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Wenvoe or who has acted in the same development.
I opted to have a survey completed on a property in Wenvoe prior to retaining lawyers. I have been advised that there is a flying freehold element to the property. The surveyor advised that some mortgage companies may not issue a loan on a flying freehold house.
It depends who your proposed lender is. HSBC has different requirements from Halifax. Should you wish to telephone us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Wenvoe. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Wenvoe to see if the conveyancing will be more expensive.
What are the frequently found problems that you encounter in leases for Wenvoe properties?
There is nothing unique about leasehold conveyancing in Wenvoe. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
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A provision for the recovery of money spent for the benefit of another party. Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Barnsley Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.
Wenvoe Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying
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Is there a share of the freehold? If a Wenvoe lease has less than 80 years it will affect the salability of the apartment. Check with your mortgage company that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease sooner rather than later and it is worth discovering how much this would cost. Remember, in most cases you will be required to have been the owner of the residence for two years before you are legally able to carry out a lease extension. Are there any major works in the planning that could add a premium to the service costs?
My conveyancers in Wenvoe have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with the mortgage company. Is it case that being on the bank conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the lender directly.