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Recently asked questions about conveyancing in Pontypool

My fiancee and I are purchasing our first house. The lawyer has texted usto check if we would like to purchase additional conveyancing searches. We are really unsure what's relevant for conveyancing in Pontypool

The quantity and type of Pontypool conveyancing searches should be dictated entirely on the property, the location, the likelihood of any of these risks, your familiarity of the area and risks, your overall attitude to risk. What is important is that you properly appreciate what information the searches could supply. You may then make a decision if you personally think you need that information. If unclear, ask the property lawyer to explain.

I am about to put an offer on a leasehold property in Pontypool. The estate agents say that it is normal for flats in Pontypool to have less than 75 years left on the lease. I am expecting a loan with Platform. Is this going to be acceptable if the lease has 72 years remaining.

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 14/7/2019 the requirements read as follows :

70 years unexpired at application, 30 years at the end of the mortgage term, except where the mortgage application is pursuant to Platform's participation in the Government's Help to Buy Shared Equity scheme, in which case (a) the unexpired lease term must not be less than 250 years for new-build houses and not less than 125 years for new-build flats and (b) ground rent must be reasonable at all times and any escalation must be linked to RPI (Retail Price Index) or a similar index.

Do I need to take out insurance to address the risk of chancel repairs when buying a property in Pontypool?

Unless a previous purchase of the house completed post 12 October 2013 you could assume that solicitors handling conveyancing in Pontypool to remain recommending a chancel search and or insurance against a claim.

I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a quick, no chain conveyancing. Pontypool is where the house is located. What do you suggest?

Flying freeholds in Pontypool are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Pontypool you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Pontypool may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.

I have just started marketing my garden flat in Pontypool. Conveyancing lawyers have not yet been instructed, but I have recently had a half-yearly service charge demand – should I leave it to the buyer to sort out?

It best that you pay the service charge as you normally would given that all ground rent and service payments should be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I own a split level flat in Pontypool, conveyancing formalities finalised in 2003. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Pontypool with a long lease are worth £186,000. The ground rent is £55 levied per year. The lease comes to an end on 21st October 2071

With 52 years left to run we estimate the premium for your lease extension to span between £29,500 and £34,000 plus professional fees.

The figure above 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 a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.

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Find out more about how flying freehold can affect your the value of a property.