We are buying a newly constructed duplex in Crickhowell and my solicitor is telling me that she has to the bank to reveal incentives from the builder. I am under pressure to sign contracts and I would rather not prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I purchased a freehold premises in Crickhowell but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Crickhowell and has limited impact for conveyancing in Crickhowell but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
My uncle pointed out to me me that in buying a property in Crickhowell there could be various restrictions affecting the ability to carry out external changes to the property. Is this right?
We are aware of a number of properties in Crickhowell which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Crickhowell should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
It is unclear whether my bank requires a lease extension. I have called my Crickhowell bank branch on various occasions and was reassured it wasn't an issue and they would lend. My Crickhowell conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend based on their published requirements. Who do I believe?
Your property lawyer has to follow the Council of Mortgage Lenders’ Handbook Part 2 provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Having read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Crickhowell solicitor - who is on the Leeds Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Leeds Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Leeds Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Crickhowell postcode. As you are getting a mortgage with Leeds Building Society, you could contact them to see if they have a list of approved surveyors in Crickhowell.
Should commercial conveyancing searches reveal impending roadworks that could affect a commercial site in Crickhowell?
Many commercial conveyancing solicitors in Crickhowell will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Crickhowell. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Crickhowell.
For each commercial conveyancing transaction in Crickhowell it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could cause delays to Crickhowell commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Crickhowell.
We are in the middle of buying a house in Crickhowell. Conveyancing solicitor has called to say the property is "Leasehold". Will this likely impact our lender’s valuation?
Crickhowell conveyancing does not ordinarily involve leasehold houses. The crucial factor here is the length of lease and the ground rent. If there are hundred of years years remaining with a peppercorn rent, it's virtually freehold, so it shouldn't impact the saleability too much.
At the other end of the spectrum, if it's, say, 50 years it will have a material effect on the value, and probably wouldn't be mortgageable. The length of lease and ground rent will be specified in the lease which should be made available to your lawyer.