I was notified today by my mortgage adviser that my Bridgend the law firm I have appointed is not on the lender Conveyancing panel. What can I do to be certain whether this is indeed the case?
Your first step should be to call your Bridgend conveyancer. It is reasonable to expect your lawyer to notify you of the situation. If they are not on the panel they may be able to suggest a Bridgend conveyancing practice that is on the conveyancing panel for your lender.
My flat in Bridgend is up for sale and I have a buyer. Will my solicitor have to be required to be on the Skipton conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Skipton 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 at the moment.
In my capacity as executor for the estate of my uncle I am selling a residence in Newport but I am based in Bridgend. My conveyancer (approximately 250 miles from meneeds me to execute a statutory declaration prior to the transaction finalising. Can you recommend a conveyancing practitioner in Bridgend to attest and place their company stamp on the document?
Technically speaking you should not need to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or solicitor will be fine regardless of whether they are based in Bridgend
Last July I purchased a leasehold house in Bridgend. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Bridgend Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to buying
It would be wise to enquire if there are any onerous prohibitions in the lease. For example it is very common in Bridgend leases that pets are not permitted in certain buildings in Bridgend. If you like the flatin Bridgend however your cat can’t make the move with you then you will be presented with a difficult compromise. You will want to discover as much as possible about the managing agents as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to practical matters such as the tidiness of the common parts. You should not be afraid to ask prospective neighbours what they think of their management. Finally, be sure you discover the dates that you are obliged pay the service charge to the managing agents and specifically how they are spending the funds. What prohibitions are there in the Bridgend Lease?
I own a leasehold flat in Bridgend. Conveyancing was finalised in last year. I have read on various consumer forums that I should not allow the the remaining lease term to get too short. What is the reasoning?
Bridgend residential long term leases are for a fixed term - usually just under one hundred years when they started. However a significant flats in Bridgend were constructed or converted 35 or more years ago and so these leases now have fewer than eighty years remaining. That may seem like plenty of time however Banks, Building Societies and other mortgage companies tend to require leases to have at least seventy five years unexpired to adequate security. Accordingly when you come to sell the property you will need to extend the term of your lease if you are getting close to seventy five years. To enhance the marketability of your property you should be thinking about whether or not to extend your lease long before you come to sell it. There are also significant benefits to doing so before the lease hits 80 years as when the lease is below eighty years the amount to be paid to extend starts to get a lot more expensive.