I am hoping to complete my purchase in Pontprennau next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the bank. What risks does the bank expect the insurance to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These obligations are not specific to conveyancing in Pontprennau.
I am currently in the process of buying my council flat in Pontprennau. I have a mortgage offer with Nottingham. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nottingham, you will need to appoint a solicitor on the Nottingham conveyancing panel.
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Pontprennau bank branch on various occasions and was told it wasn't a problem and they would lend. My Pontprennau conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Provided that the lawyer is on the bank panel, she or he must adhere to the CML Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Intending to buy a flat in Pontprennau. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the RBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Pontprennau solicitor is on the RBS conveyancing panel.
I have justbeen informed that Stirling Law have been shut down. They conducted my conveyancing in Pontprennau for a purchase of a freehold house 18 months ago. How can I check that the property is not still registered in the name of the previous owner?
The easiest way to see if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Pontprennau conveyancing specialists.
I am a sole trader wishing to lease a unit on the high street. Can you recommend solicitors offering competitive costs for commercial conveyancing in Pontprennau for less than 1500k?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Pontprennau, including the sale and purchase of businesses as well as simply property. If you are looking to buy or dispose of a shop, pub, restaurant, office, retail premises or a whole business we can find you the right lawyer. As for the fees this will depend on the structure and complexity of the proposed transaction. Let us have your contact information or phone so as to enable us to provide you with a fixed commercial conveyancing calculation.
I am employed by a long established estate agent office in Pontprennau where we have experienced a number of leasehold sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Pontprennau conveyancing firms. Please can you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Leasehold Conveyancing in Pontprennau - A selection of Questions you should ask before Purchasing
Are any of leasehold owners in arrears of their service charge liability? On the whole the cost for major works tend not to be included within maintenance charges, although some managing agents in Pontprennau require tenants to pay into a reserve fund created for the specific purpose of building a fund for larger repairs or maintenance. What is the name of the managing agents?