My partner and I are acquiring a brand new apartment in Pantymwyn and my conveyancer is telling me that she has to the mortgage company to reveal incentives from the builder. I am under pressure to sign contracts and I don't want to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Me and my brother have a semi-detached Edwardian property in Pantymwyn. Conveyancing solicitor represented me and Barnsley Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold with the exact same address. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Pantymwyn and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the position with your conveyancing practitioner who conducted the purchase.
How does conveyancing in Pantymwyn differ for new build properties?
Most buyers of new build residence in Pantymwyn come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is ready to move into. This is because builders in Pantymwyn tend to acquire the site, 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 property lawyers 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 used to new build conveyancing in Pantymwyn or who has acted in the same development.
I am looking for a flat up to £305k and identified one close by in Pantymwyn I like with amenity areas and railway links in the vicinity, the downside is that it only has 61 years on the lease. I can't really find anything else in Pantymwyn suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
My husband and I may need to rent out our Pantymwyn 1st floor flat temporarily due to taking a sabbatical. We instructed a Pantymwyn conveyancing firm in 2001 but they have closed and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?
A small minority of properties in Pantymwyn do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I purchased a garden flat in Pantymwyn, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Corresponding properties in Pantymwyn with over 90 years remaining are worth £185,000. The ground rent is £65 levied per year. The lease expires on 21st October 2084
With only 60 years remaining on your lease we estimate the premium for your lease extension to be between £20,000 and £23,000 as well as 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 are not able to advice on the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.