My partner and I are acquiring a newly constructed apartment in Penyffordd and my lawyer is informing me that she has to the bank to disclose incentives from the seller. I am under pressure to exchange and I don't want to delay deal. Is my lawyer right?

You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.

Should my conveyancer be raising enquiries concerning flooding during the conveyancing in Penyffordd.

The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Penyffordd. There are those who buy a house in Penyffordd, completely aware that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.

Lawyers are not best placed to offer advice on flood risk, however there are a various searches that can be initiated by the buyer or on a buyer’s behalf which will figure out the risks in Penyffordd. The standard property information forms given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a usual question of the seller to find out if the property has ever been flooded. In the event that flooding has previously occurred and is not revealed by the seller, then a purchaser could issue a legal claim for losses as a result of such an incorrect response. A purchaser’s lawyers will also carry out an environmental report. This will disclose if there is any known flood risk. If so, additional investigations should be initiated.

Due to the advice of my in-laws I had a survey completed on a house in Penyffordd prior to appointing conveyancers. I have been advised that there is a flying freehold element to the house. The surveyor has said that some mortgage companies may not issue a loan on such a property.

It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. Should you wish to telephone us we can check via 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 Penyffordd. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Penyffordd to see if the conveyancing costs will increase in light of this.

Am I right to be concerned that brokers that I am dealing with are suggesting an internet conveyancing firm rather than a local Penyffordd conveyancing firm?

As is the case with lots of service providers, often suggestions from connections can be most helpful. Yet there are many players in a conveyancing transaction; estate agents, financial adviser and banks may suggest conveyancers to choose. Sometimes these solicitors might be known to one of the organisations as being good in their field, but occasionally there behind the scenes commercial relationship behind the endorsement. You are free to appoint your own conveyancer. Don't forget that the majority of lenders have an approved list of solicitors you must use for the mortgage aspect of your home move.

I am tempted by the attractive purchase price for a two maisonettes in Penyffordd which have about 50 years unexpired on the lease term. Do I need to be concerned?

A lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease deteriorates and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this field.

Penyffordd Leasehold Conveyancing - Examples of Queries before Purchasing

Is there a share of the freehold? The prefered form of lease arrangement is where the freehold reversion is in the ownership of the leaseholders. In this arrangement the lessees benefit from control and although a managing agent is frequently retained if it is larger than a house conversion, the managing agent acts for the leaseholders themselves. What is the yearly service fee and ground rent?