My Abercarn lawyer has uncovered a discrepancy between the information in the valuation report and what is in the conveyancing documents. My lawyer has advised that he is obliged to ensure that the bank is happy with this discrepancy and is content to go ahead. Is my lawyer’s stance legitimate?
Your property lawyer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Completed the sale of my flat in Abercarn last August but our buyer keeps Skype messaging every few hours to say their solicitor is waiting to hear from mine. What are the post completion sale legalities now that I have sold?
Following your sale your solicitor is committed to send the transfer documentation and all of the paperwork to the buyer’s lawyers. Depending on the transaction, your conveyancer must also evidence that the mortgage has been repaid to the buyers solicitors. There are no post completion procedures peculiar conveyancing in Abercarn.
How does conveyancing in Abercarn differ for newly converted properties?
Most buyers of new build or newly converted property in Abercarn come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is built. This is because new home sellers in Abercarn usually buy the site, 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 conveyancers 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 Abercarn or who has acted in the same development.
I work for a reputable estate agent office in Abercarn where we see a number of leasehold sales put at risk due to short leases. I have received contradictory information from local Abercarn conveyancing solicitors. Could you shed some light as to whether the owner of a flat can instigate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible 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 purchaser.
I bought a ground floor flat in Abercarn, conveyancing was carried out August 1998. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Abercarn with a long lease are worth £192,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease expires on 21st October 2077
With only 54 years unexpired we estimate the price of your lease extension to be between £32,300 and £37,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
Is there a reason that Abercarn conveyancing costs are more expensive for leasehold and freehold properties?
If purchasing a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control