Having sold my house in Monmouthshire last October yet the purchaser is texting me complaining that his solicitor is waiting to hear from mine. What are the post completion sale formalities following completion?
Following your disposal your solicitor should send the transfer deeds and all of the paperwork to the buyer’s solicitors. If applicable, your conveyancer must also send confirmation that the legal charge in favour of the lender has been repaid to the buyers conveyancers. There are no post completion steps just for conveyancing in Monmouthshire.
I am the only beneficiary of my late grandmother’s will with all property in now in my sole name, including the house in Monmouthshire. The Monmouthshire property was put into my name in June. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership will be regarded the same way as though I had purchased the house in June. Is the property unsalable for six months?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. How practical a view lenders take of it, depend on the mortgage company as this provision is principally there to pick up on subsales or the wholesaling and assigning of properties.
I am selling my flat. I had a double glazing fitted in May 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Lloyds are being pedantic. The Monmouthshire solicitor who is on the Lloyds conveyancing panel is recommending indemnity insurance as a solution but Lloyds are insisting on a building regulation certificate. Why do Lloyds have a conveyancing panel if they don't accept advice from them?
It is probably the case that Lloyds have referred the matter to their valuer. The reason why Lloyds may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I have finally had an offer on a flat in Monmouthshire accepted, the owners do nevertheless have a dependent purchase. The owners have offered on on an apartment, but it’s not yet agreed to, and have viewings of other apartments booked. I have instructed a bricks and mortar conveyancing solicitor in Monmouthshire. What do I do now? At what point do I apply for the mortgage with Co-operative?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is approx one thousand pounds, then valuation, Monmouthshire conveyancing search fees, etc). First, you must check that your conveyancer is on the Co-operative approved list. Regarding the subsequent steps this very much depends on the uniqueness of your transaction, motivation for the property and on the state of the market. In a buoyant market the majority of buyers would apply for the mortgage with Co-operative and arrange for the valuation and only if it was satisfactory would they ask their solicitor to proceed with searches.
Are there restrictive covenants that are commonly picked up during conveyancing in Monmouthshire?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Monmouthshire. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Monmouthshire differ for newly converted properties?
Most buyers of new build property in Monmouthshire approach us having been asked by the builder to exchange contracts and commit to the purchase even before the property is constructed. This is because new home sellers in Monmouthshire tend to buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Monmouthshire or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £305k and identified one near me in Monmouthshire I like with amenity areas and railway links nearby, the downside is that it's only got 52 remaining years left on the lease. I can't really find anything else in Monmouthshire in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage the shortness of the lease will be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.