My fiance and I are hoping to acquire a house in Penllergaer and have appointed a Penllergaer conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. The Mortgage Works have this afternoon contacted us to advise us that they have now hit a problem as our Penllergaer conveyancer is not on their conveyancing panel. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is usual for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Penllergaer lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
We are a couple about to sign contracts for a semi detached house in Penllergaer. We have hit a stumbling block. The loan offer with Norwich and Peterborough Building Society runs out on 29/1/2019 but the vendors are insisting on a completion date of 31/1/2019. Is it possible to extend the mortgage offer?
The best person to deal with your concern is your lawyer who will hopefully calculate if he or she is better off negotiating with the mortgage company, owner’s conveyancers, property agents or indeed all parties based on the circumstances your house move to date.
How does conveyancing in Penllergaer differ for new build properties?
Most buyers of new build residence in Penllergaer contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is constructed. This is because new home sellers in Penllergaer usually 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 conveyancers 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 Penllergaer or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Penllergaer before instructing solicitors. I have been informed that there is a flying freehold element to the property. The surveyor has said that some lenders will refuse to grant a mortgage on a flying freehold premises.
It varies from the lender to lender. Santander has different requirements for example to Nationwide. Should you wish to telephone us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Penllergaer. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Penllergaer to see if the conveyancing costs will increase in light of this.
What advice can you give us when it comes to choosing a Penllergaer conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Penllergaer conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with several firms including non Penllergaer conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be helpful:
What volume of lease extensions has the firm conducted in Penllergaer in the last year? How experienced is the practice with lease extension legislation?
I invested in buying a ground floor flat in Penllergaer, conveyancing having been completed 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Penllergaer with over 90 years remaining are worth £202,000. The ground rent is £60 yearly. The lease terminates on 21st October 2074
You have 56 years left to run we estimate the premium for your lease extension to span between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.