My partner and I are getting closer to an exchange on a house in Rhayader and my mum and dad have sent the exchange deposit to my conveyancer. I am now informed that as the deposit has not arrived from me my conveyancer needs to make a notification to my bank. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the bank about my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your property lawyer is duty bound to check with lender to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
My house in Rhayader is up for sale and I have accepted an offer. Does my conveyancer need to be on the Santander conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Santander conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently in recent years.
How does conveyancing in Rhayader differ for newly converted properties?
Most buyers of new build property in Rhayader come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is built. This is because developers in Rhayader typically purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Rhayader or who has acted in the same development.
My brother has encouraged me to use his conveyancers in Rhayader. Should I choose my own conveyancer?
No doubt the ideal way to find a conveyancing practitioner is to have referrals from friends or family who have actually previously instructed the firm you're considering.
Expecting to sign contracts shortly on a ground floor flat in Rhayader. Conveyancing lawyers inform me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Rhayader should include some of the following:
Ground rent - what is due and when you need to pay, and also know whether this will change in the future Setting out your rights in relation to common areas in the building.By way of example, does the lease permit a right of way over an accessway or staircase? Whether your lease provides for a slush fund? Does the lease prohibit wood flooring?
I bought a studio flat in Rhayader, conveyancing having been completed December 2009. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Rhayader with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease finishes on 21st October 2075
You have 56 years unexpired the likely cost is going to range between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.