My apartment in Bassaleg is up for sale and I have a buyer. Does the conveyancing practitioner need to be on the RBS conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the RBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently in recent years.
My partner and I have arranged a further advance on our home loan from Coventry BS as we wish to conduct improvements to our house in Bassaleg. Do we need to choose a high street Bassaleg solicitor on the Coventry BS conveyancing panel to deal with the paperwork?
Coventry BS do not ordinarily appoint 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 Coventry BS list.
I have a mortgage with Coventry BS for my property in Bassaleg. Conveyancing has been completed a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Coventry BS?
You must advise Coventry BS before renting your property as this is likely to be a breach of Coventry BS’s mortgage conditions. It may be that Coventry BS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Coventry BS directly. It should not be necessary to do this via a Coventry BS conveyancing panel lawyer.
Co-operative have agreed my home loan in principle, my offer on a flat in Bassaleg has been accepted, now what?
The estate agent will wish to be advised as to your property lawyer's details (ensure that the lawyers are on the bank’s panel). Contact Co-operative or the broker and finish off any relevant paperwork. Co-operative will appoint a valuer who will get in touch with the selling agent or owners to arrange an appointment. Once conducted (assuming no problems) it takes about ten days to get a mortgage offer. Co-operative will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Bassaleg.
It has been five months since my purchase conveyancing in Bassaleg completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a leasehold apartment up to £245,000 and found one round the corner in Bassaleg I like with amenity areas and railway links nearby, the downside is that it only has 49 years unexpired on the lease. There is not much else in Bassaleg suitable, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage the shortness of the lease will be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
What are your top tips when it comes to appointing a Bassaleg conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Bassaleg conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Bassaleg conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be helpful:
Can they put you in touch with clients in Bassaleg who can give a testimonial? What volume of lease extensions have they completed in Bassaleg in the last twenty four months?
Leasehold Conveyancing in Bassaleg - A selection of Queries Prior to buying
What restrictions exist in the Bassaleg Lease? The answer will be useful as a) areas can cause problems for the building as the common areas may begin to deteriorate if maintenance remain unpaid b) if the leasehold owners have a dispute with the running of the building you will need to know about it Make sure you investigate if the the lease includes any unreasonable restrictions in the lease. For example it is very common in Bassaleg leases that pets are not permitted in in a block in Bassaleg. If you like the propertyin Bassaleg yet your dog can’t move with you then you have a very difficult compromise.