My wife and I are buying a new build duplex in Brecon Beacons and my lawyer is telling me that she is duty bound to the bank to disclose incentives from the builder. I am under pressure to exchange contracts and my preference is not to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company 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.
My aunt passed away last year and as sole heir and executor I was left the property in Brecon Beacons. The house had a small mortgage remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to HSBC, pay off the mortgage. Is this allowed?
If you plan to refinance then HSBC will insist on your using a conveyancer on the HSBC conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your HSBC conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the HSBC mortgage is registered as a charge at the Land Registry.
How does conveyancing in Brecon Beacons differ for newly converted properties?
Most buyers of new build property in Brecon Beacons contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is constructed. This is because builders in Brecon Beacons tend to buy the land, 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 property lawyers 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 Brecon Beacons or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what should have been a straight forward, chain free conveyancing. Brecon Beacons is the location of the property. Is there any guidance you can give?
Flying freeholds in Brecon Beacons are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Brecon Beacons you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Brecon Beacons may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I only have Sixty One years left on my lease in Brecon Beacons. I need to get lease extension but my landlord is absent. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to prove that you have done all that could be expected to locate the landlord. In some cases an enquiry agent should be useful to carry out a search and to produce a report to be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on proving the landlord’s disappearance and the application to the County Court covering Brecon Beacons.
I own a ground floor flat in Brecon Beacons, conveyancing was carried out 8 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Brecon Beacons with over 90 years remaining are worth £222,000. The ground rent is £50 charged once a year. The lease terminates on 21st October 2096
You have 71 years remaining on your lease the likely cost is going to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.