My partner and I are acquiring a newly built duplex in West Cross and my solicitor is advising me that she is duty bound to the mortgage company to reveal incentives from the builder. I am on a tight deadline to exchange contracts and I don't want to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
As someone not used to the West Cross conveyancing process what is your top tip you can give me for the legal transfer of property in West Cross
You may not hear this from too many lawyers but conveyancing in West Cross and elsewhere in Swansea is an adversarial experience. In other words, when it comes to conveyancing there exists an abundance of opportunity for friction between you and others involved in the legal transfer of property. For example, the vendor, selling agent and sometimes the mortgage company. Choosing a solicitor for your conveyancing in West Cross an important selection as your conveyancer is your adviser, and is the ONLY person in the transaction whose role it is to protect your legal interests and to protect you.
Every so often a potential adversary will attempt to persuade you that it is in your interests to do things their way. As an example, the estate agent may claim to be assisting by suggesting your conveyancer is slow. Or your mortgage broker may advise you to do take action that is against your lawyers guidance. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
We previously chose solicitors locally in West Cross on the Co-operative solicitor panel. They have just billed me an additional sum for the legal aspects of the Co-operative mortgage. Is this a supplemental conveyancing fee specified by Co-operative?
Provided it is contained in their Terms and Conditions or estimate then yes your solicitor is entitled to levy a fee for this. The fee is not set by Co-operative but by your West Cross lawyer. Some firms on the Co-operative panel will quote an ‘acting for lender’ fee but many firms include it on their overall fee.
We are getting a further advance on our mortgage from Nottingham as we intend to carry out renovations to our home in West Cross. Are we obliged to choose a nearby West Cross solicitor on the Nottingham conveyancing panel to handle the legals?
Nottingham do not ordinarily require a member of their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Nottingham list.
Nottingham have agreed my mortgage in principle, my offer on a apartment in West Cross has been accepted, what are the next steps?
The property agent will wish to be advised as to your conveyancing practitioner's details (ensure that the conveyancers are on the lender’s panel). Telephone Nottingham or the financial adviser and finish off any appropriate paperwork. Nottingham will appoint a valuer who will get in touch with the estate agent or vendor to book an appointment. Once conducted (assuming no problems) it takes about ten days for the mortgage offer to be issued. Nottingham will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in West Cross.
Due to the guidance of my in-laws I had a survey completed on a house in West Cross prior to retaining lawyers. I have been informed that there is a flying freehold aspect to the house. The surveyor has said that some lenders tend refuse to give a loan on such a premises.
It depends who your proposed lender is. Lloyds has different requirements for example to Birmingham Midshires. If you e-mail us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in West Cross. Conveyancing will be smoother if you use a solicitor in West Cross especially if they regularly deal with such properties in West Cross.
How straightforward is it to use your search tool to get a costs illustration from a conveyancing solicitor in West Cross on the panel for my lender?
1st choose a bank such as HSBC Bank, Coventry Building Society or Britannia then choose your preferred area e.g. West Cross. Conveyancing organisations in West Cross and further afield will then be shown.
Back In 2007, I bought a leasehold flat in West Cross. Conveyancing and Alliance & Leicester mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in West Cross who acted for me is not around. Any advice?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a West Cross conveyancing firm to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I bought a 2 bed flat in West Cross, conveyancing having been completed 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in West Cross with a long lease are worth £192,000. The average or mid-range amount of ground rent is £55 yearly. The lease expires on 21st October 2079
With 54 years remaining on your lease the likely cost is going to range between £32,300 and £37,400 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.