My husband and I are buying a brand new flat in Pentre and my solicitor is telling me that she has to the lender to disclose incentives from the builder. The Estate Agents are hassling me to sign contracts and I have no desire to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Finally the sale completed on my house in Pentre last August yet the purchaser is telephoning daily to moan that his conveyancer needs to hear from mine. What should have happened following completion?
Following your sale your solicitor is committed to deliver the transfer documentation and all additional paperwork to the buyer’s solicitors. Where appropriate, your conveyancer should also send confirmation that the home loan has been paid off to the purchasers lawyers. There is unlikely to be post completion formalities specific conveyancing in Pentre.
My uncle passed away 10 months ago and as sole heir and executor I was left the property in Pentre. The house had a relatively small loan left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Bank of Ireland, pay off the mortgage. Is this possible?
If you intend to re-mortgage then Bank of Ireland will insist on your using a conveyancer on the Bank of Ireland conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Bank of Ireland conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Bank of Ireland mortgage is registered as a charge at the Land Registry.
I appreciate that there are debates on Chancel Insurance on online forums. Do I require chancel insurance when acquiring a property in Pentre? or Apparently there is historic law that means some house owners residing in a parish church boundary will be compelled to contribute towards maintenance to the chancel in proximity to the church. Is this applicable for conveyancing in Pentre?
Unless a previous purchase of the property took place after 12 October 2013 you could take it that solicitors delivering conveyancing in Pentre to remain encouraging a chancel search and or chancel repair liability policy.
I own a leasehold flat in Pentre. Conveyancing was finished in five years ago. I have read on various advice forums that I mustn’t allow the lease length fall too short. What is the reasoning?
Pentre residential long term leases are for a fixed term - normally 99 years when they are first granted. However a significant flats in Pentre were built or converted 30 or more years ago and so these leases now have under 80 years unexpired. That may sound like plenty of time but Banks, Building Societies and other mortgage institutions on the whole need leases to have a minimum of 75 years remaining to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are nearing eighty years. To increase your property value you should be considering whether or not to extend your lease long before you come to sell it. There are also advantages to taking action before the lease reaches even eighty years as when the lease falls below eighty years the premium to be paid to extend starts to get a lot more expensive.