I have todaybeen informed that Wolstenholmes have been shut down. They carried out my conveyancing in Powys for a purchase of a leasehold apartment 18 months ago. How can I be sure that my home is in my name in the name of the former proprietor?
The quickest way to check 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 Powys conveyancing specialists.
I am purchasing a new build house in Powys with a loan from Coventry Building Society. The developers would not budge the price so I negotiated 6k of extras instead. The property agent advised me not disclose to my solicitor about this side-deal as it could affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking for a flat up to £195,000 and found one near me in Powys I like with amenity areas and railway links in the vicinity, the downside is that it only has 52 years on the lease. I can't really find anything else in Powys for this price, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan the remaining unexpired lease term will likely be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
I need to appoint a conveyancing solicitor for leasehold conveyancing in Powys. I've land on a site which seems to have the ideal offering If there is a chance to get all this stuff done via web that would be ideal. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Why do Powys conveyancing costs differ for leasehold and freehold properties?
When acquiring a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control