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Recently asked questions about conveyancing in Margam

The sellers of the property we are hoping to buy have appointed a conveyancing firm in Margam who has suggested a preliminary contract with a payment 6,000. Is it wise to enter into such agreements?

This type of arrangement is unusual in Margam, conveyancers will often encourage clients away from them as they detract from the main conveyancing focus and if you end up losing your deposit then the solicitor at best left with an upset client and at worst a litigious one. In addition, there is no certainty that just because the owner has executed an exclusivity agreement they will sell to you. They may be tempted to break the contract if they are offered a large enough financial inducement to do so because an aggrieved buyer with the benefit of a exclusivitycontract will still be duty bound to establish consequential losses from the breach and these may not compare to the financial upside that your vendor may gain by breaching the contract, however morally shameful it undoubtedly is.

We are buying a victorian detached house in Margam. The intention is to convert the garage to a playroom at the house.Will the conveyancing process involve investigations to ascertain if these works are allowed?

Your property lawyer should check the registered title as conveyancing in Margam can occasionally reveal restrictions in the title documents which prohibit categories of changes or need the consent of another owner. Certain additions call for local authority planning permissions and approval under the building regulations. Some locations are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be sensible to check these issues with a surveyor ahead of any purchase.

I am buying a property in Margam. One unusual aspect is that the roof has a solar panel. Barclays have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?

Given that your lender is Barclays your lawyer must comply with the conveyancing instructions outlined in Section 2 of UK Finance Lenders’ Handbook for Barclays. The Council of Mortgage Lenders’ Handbook contains minimum provisions for solar panel roof-space leases, and lawyers are required to report to Barclays where a lease does not comply with these requirements. The specifications relate to the installation of panels on properties in England and Wales and is not restricted to Margam.

The mortgage over my property is with Kent Reliance for my property in Margam. Conveyancing was finalised a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Kent Reliance?

Kent Reliance must be informed of your intention before letting out your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. It may be that Kent Reliance will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. You need not do this via a Kent Reliance conveyancing panel solicitor.

I have been told that property searches are a common cause of stalling in Margam conveyancing transactions. Is that correct?

The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances during the legal transfer of property. Searches are not likely to feature in any slowing down conveyancing in Margam.

Over the last few months I have been searching for a ground for flat up to £305k and found one round the corner in Margam I like with amenity areas and railway links nearby, however it's only got 51 years on the lease. I can't really find anything else in Margam in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?

Should you need a mortgage the shortness of the lease may be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.

I've recently bought a leasehold flat in Margam. Am I liable to pay service charges for periods before my ownership?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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 1 bedroom flat in Margam, conveyancing was carried out 5 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Margam with a long lease are worth £255,000. The average or mid-range amount of ground rent is £45 yearly. The lease runs out on 21st October 2092

You have 73 years unexpired we estimate the premium for your lease extension to span between £8,600 and £9,800 plus costs.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.

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