My husband and I are purchasing a 2 bedroom apartment in Llanishen with a mortgage. We have a Llanishen lawyer, but the bank advise he's not on their "panel". We have to appoint one of the lender panel conveyancing practices or retain our Llanishen conveyancing practitioner and pay for one of their panel firms to act for them. This feels very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose 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 Llanishen conveyancing lawyer to apply to be on the conveyancing panel.
Due to move into my new home in Llanishen next Tuesday. My conveyancing practitioner now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the bank. What does the insurance need to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 conditions. These requirements are not limited to conveyancing in Llanishen.
Can your site be used to locate a Conveyancing solicitor in Llanishen even if I’m not purchasing or disposing of a house, for instance where I intend to acquire a shop in Llanishen with a mortgage from HSBC Bank?
The service is predominantly used to find domestic conveyancing solicitors in Llanishen but we have recorded towards the end of this page a selection of Llanishen commercial conveyancing firms. You should speak with the company directly to check if they can also act for HSBC Bank
I've recently bought a leasehold flat in Llanishen. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation 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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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).
I own a 2 bed flat in Llanishen, conveyancing formalities finalised in 2004. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Llanishen with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 levied per year. The lease comes to an end on 21st October 2090
With 69 years remaining on your lease we estimate the premium for your lease extension to be between £9,500 and £11,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
We have an offer in principle from The Mortgage Works who said that they will loan up to £300k. At what point do we need to appoint a lawyer for conveyancing? Llanishen is where we plan to move to.
You can instruct a solicitor now and ask them to generate a file on your behalf. This will enable: 1) the estate agent to send out the Sales Memo to the relevant parties 2) the seller’s conveyancer to send out the draft paperwork. However, do not instruct your conveyancer to order searches until you receive your valuation report via The Mortgage Works and you are content to proceed.