I am purchasing a brand new duplex in Dunvant and my solicitor is telling me that she has to the lender to disclose incentives from the seller. I am under pressure to exchange and I would rather not prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. 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.
I am considering applying for a UBS mortgage for purchase of a newly converted (under development) in Dunvant with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for UBS ?
There is nothing to stop you using your solicitor, but UBS will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Should our lawyer be asking questions about flooding during the conveyancing in Dunvant.
The risk of flooding is if increasing concern for solicitors dealing with homes in Dunvant. There are those who purchase a property in Dunvant, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, but there are a number of searches that can be carried out by the purchaser or by their conveyancers which should give them a better appreciation of the risks in Dunvant. The standard property information forms given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) includes a usual question of the owner to find out whether the premises has ever been flooded. In the event that the property has been flooded in past which is not disclosed by the vendor, then a purchaser could bring a legal claim for losses stemming from an incorrect response. The purchaser’s lawyers should also carry out an environmental report. This should higlight whether there is any known flood risk. If so, more detailed inquiries should be carried out.
I am a sole trader intending to take an assignment of a lease of an office on a shopping parade. Can you recommend solicitors offering no-sale-no costs for commercial conveyancing in Dunvant for below 2k?
We are happy to recommend firms who have well rounded knowledge of commercial conveyancing in Dunvant, including the disposal and purchase of businesses as well as simply premises. If you are hoping to acquire or sell a shop, pub, restaurant, office, retail premises or a whole business we can put you in touch with the right firm. Regarding the fees this will depend on the structure and terms of the deal. Please provide us with your details or email so as to enable us to provide you with comprehensive commercial conveyancing quote.
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Dunvant. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
The majority of houses in Dunvant are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. It is clear that you are buying in Dunvant in which case you should be shopping around for a Dunvant conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your lawyer should appraise you on the various issues.
I purchased a studio flat in Dunvant, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Similar flats in Dunvant with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease ceases on 21st October 2072
With only 52 years remaining on your lease the likely cost is going to span between £29,500 and £34,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.