we are a couple who are purchasing a newly converted flat in Llanbradach with a mortgage from Chelsea Building Society.We like our Llanbradach conveyancing lawyer but Chelsea Building Society advised that his firm is not on their approved list of firms. we are left little option but to use a Chelsea Building Society panel solicitor or keep our high street solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. The home loan issued to you is subject to its various provisions, a common one being that solicitors needs to be on the Chelsea Building Society conveyancing panel. Until recently, most lenders had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Chelsea Building Society
I'm buying a new build house in Llanbradach with the aid of help to buy. The developers would not reduce the price so I negotiated £7000 of additionals instead. The sale representative suggested that I not to tell my solicitor about this extras as it could affect my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I decided to have a survey done on a property in Llanbradach before instructing solicitors. I have been informed that there is a flying freehold aspect to the property. The surveyor has said that some mortgage companies will refuse to give a mortgage on this type of premises.
It varies from the lender to lender. Lloyds has different instructions from Nationwide. If you call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Llanbradach. Conveyancing will be smoother if you use a solicitor in Llanbradach especially if they are acquainted with such properties in Llanbradach.
I am thinking of appointing a conveyancing lawyer in Llanbradach for my home move. Is it possible to see a solicitor's record with the profession’s regulator?
Members of the public may find published Solicitor Regulator Association (SRA) decisions arising from investigations commenced on or after 1 January 2008. Visit Check a solicitor's record. For information Pre 2008, or to check a firm's record, phone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, dial +44 (0)121 329 6800. The regulator may recorded call for training reasons.
I am looking at a two apartments in Llanbradach both have approximately fifty years left on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Llanbradach is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and lenders, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Llanbradach conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I acquired a garden flat in Llanbradach, conveyancing having been completed April 2012. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Llanbradach with over 90 years remaining are worth £192,000. The average or mid-range amount of ground rent is £55 per annum. The lease ceases on 21st October 2072
With just 54 years remaining on your lease the likely cost is going to range between £32,300 and £37,400 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.