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Find a Llanrumney Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Llanrumney? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Llanrumney conveyancing at risk of delay or failure.

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Recently asked questions about conveyancing in Llanrumney

We are only a couple days away from an exchange on a property in Llanrumney and my mum and dad have sent the 10% deposit to my conveyancer. I am now told that as the deposit has not arrived from me my solicitor needs to disclose this to my mortgage company. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to hold matters up?

The solicitor is duty bound to check with lender to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.

When can the exchange of contracts happen for purchase conveyancing in Llanrumney and do I need to attend the conveyancers office?

If you are in close proximity to one of the conveyancing solicitors in Llanrumney you are welcome to come in to sign documents. That being said, the firms we recommend provide countrywide coverage for conveyancing and give as equally detailed and professional a job for you when communicating with you digitally. The signing of the purchase agreement is not when everything is set in stone. Signing on the dotted line is necessary for the solicitor to officially exchange when the time is right, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Llanrumney)to be in the office at the appropriate time.

About to place an offer on a leasehold property in Llanrumney. The estate agents say that it is usual for flats in Llanrumney to have less than 75 years unexpired on the lease. I am taking out a loan with Tesco Bank. Is this going to be a problem if the lease has 72 years unexpired.

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 16/2/2019 the requirements read as follows :

Mortgage term plus 30 years (subject to a minimum unexpired term of 55 years). Please contact us as detailed in 1.11b should this not be the case.
For new build properties, the following lease terms are not acceptable:
- The unexpired lease term on a new build flat is less than 125 years
- The unexpired lease term on a new build house is less than 250 years
If the lease cannot be amended to comply with the above, the case cannot proceed. Please advise us immediately where the case cannot proceed.
Contact point as detailed in 1.11b.

I am looking for a ground for flat up to £245,000 and found one near me in Llanrumney I like with a park and transport links in the vicinity, the downside is that it only has 49 remaining years left on the lease. There is not much else in Llanrumney suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?

If you require a mortgage that many years may be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.

Am I better off to instruct a Llanrumney conveyancing practitioner in close proximity to the house I am purchasing? We have a good friend who can carry out the legal work but his firm is located a couple of hundredmiles drive away.

The primary upside of using a high street Llanrumney conveyancing firm is that you can attend the office to sign documents, hand in your ID and apply pressure on them where appropriate. Having local Llanrumney know how is a bonus. That being said nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and they were impressed that should trump using an unknown Llanrumney conveyancing lawyer just because they are Llanrumney based.

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