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Find a Swansea City Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Swansea City? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Swansea City transaction at risk of delay or failure.

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Recently asked questions about conveyancing in Swansea City

I have 70 years unexpired on my lease and need a lease extension for my flat in Swansea City. Conveyancing solicitors on the Nationwide Building Society panel can deal with such extensions right?

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. Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 8/7/2019 the requirements read as follows :

- Our minimum unexpired lease term is 55 years.
- There must be at least 30 years remaining at the end of the mortgage term (regardless of the length of lease at the start).

Ground Rents and event fees must be reasonable at all times during the term of the lease. If you’re unsure as to whether the terms of a lease are unreasonable or onerous, please refer the details to us for Valuer consideration. See the guidance below.

SECOND HAND PROPERTIES

Unacceptable - advise Issuing Office (Will be declined):
- Unexpired lease term <55 years
- <30 years remaining at the end of the mortgage term
- Ground Rent >0.5% of the property value
- Ground Rent doubles <every 20 years (e.g. doubles every 5, 10 or 15 years)
- Ground Rent is compounded RPI
- Ground Rent review period ≤5 years

Refer to Issuing Office (Valuer will consider any impact on valuation figure and marketability):
- Unexpired lease term is 55 to 85 years
- Ground Rent >0.1% and ≤0.5% of the property value
- Ground Rent escalation is linked to any indices greater than RPI
- Ground Rent escalation is linked to the value of the building*
- Ground Rent review period is >5 and <10 years
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial, etc
- Estate Rent Charges >£500 p/a (please provide details of what the charges cover)
- Service Charges >0.5% of property value p/a (please provide details of what the charges cover)
- Anything that appears onerous, unusual or out of the ordinary

Acceptable (no requirement to advise Issuing Office):
- Unexpired lease term >85 years
- Ground Rent ≤0.1% of the property value
- Ground Rent review period ≥10 years
- Ground Rent escalation ≤RPI

NEW BUILD PROPERTIES (includes office conversions)

Unacceptable - advise Issuing Office (Will be declined)
- Unexpired lease term <125 years on a new build flat or <250 years on a new build house (does not apply to Shared Ownership)
- Starting Ground Rent >0.1% of the property value
- Ground Rent review period ≤ 5 years
- Ground Rent doubles < every 20 years (e.g. doubles every 5, 10 or 15 years)
- Ground Rent is compounded RPI

Refer to Issuing Office (Valuer will consider any impact on valuation figure and marketability):
- Ground Rent is linked to any indices greater than RPI
- Ground Rent is linked to the value of the building*
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges >£500 p/a (please provide details of what the charges cover)
- Service Charges >0.5% of property value p/a (please provide details of what the charges cover)
- Anything else appears onerous, unusual or out of the ordinary

Acceptable (no requirement to advise Issuing Office):
- Unexpired lease term ≥125 years on a new build flat or ≥250 years on a new build house
- Starting Ground Rent ≤0.1% of the property value
- Ground Rent review period >5 years
- Ground Rent escalation ≤RPI

* Where the Ground Rent escalation is linked to the value of the building, please provide the following:
- How is the value of the block/unit currently calculated and if the assessment relates to the block(s), how is the Ground Rent calculated/apportioned per property?
- The current valuation and Ground Rent for each unit
- What is the mechanism for future valuations of the block and how is the Ground Rent calculated/apportioned?
- What is the right of appeal? And is this a documented process within the lease?
- Who bears the cost of the valuation (and appeal) process?
- Confirmation the review period is not less than twenty years

Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Swansea City?

Two types of professional can perform conveyancing in Swansea City namely CLC regulated conveyancers or solicitors. The two can handle conveyancing services that required to complete the disposal or acquisition of property. Both are obliged to conduct Swansea City conveyancing on similar quality and guidelines so you may be safe in the knowledge that your conveyancing will be professionally carried out and that all requisite steps should be accurately adhered to.

I am assisting my sister sell her property in Swansea City. Will the solicitor order the energy performance certificate or it is for the seller to see to?

After the abolition of Home Information Packs, energy assessments remained a compulsory element of moving house. An energy assessment must be to hand in advance of the property being marketed. This is not something that solicitors normally arrange. If you are instructing a Swansea City conveyancing solicitor they might be able to arrange energy performance certificates given their contacts with long established Swansea City providers

I am the only beneficiary of my late mum's estate and I have everything in my name now, including the house in Swansea City. Conveyancing formalities meant that the Land Registry date was in June. I plan to dispose of the house. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership will be regarded the same way as though I had purchased the house in June. Is the property unsalable for six months?

The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be affected by that. How practical a view mortgage companies take of it, depend on the lender as this clause chiefly exists to pick up on subsales or the wholesaling and assigning of property.

We are buying a house and the conveyancer has raised the issue of Chancel Repair for which the house may be obligated to pay given it’s proximity to the area of such a church. He has recommended insurance. Is this really required for conveyancing in Swansea City

Unless a previous purchase of the property took place post 12 October 2013 you may take it that conveyancing practitioners conducting conveyancing in Swansea City to remain encouraging a chancel search and or insurance against a claim.

I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Swansea City is the location of the property. Can you shed any light on this issue?

Flying freeholds in Swansea City are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Swansea City you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Swansea City may determine 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.

My brother is buying a shared ownership flat in Swansea City. He has received an estimate by the property lawyer connected to the estate agents totaling £1385 . It was ten years ago since I sold and bought a home and the fee was £just under six hundred pounds. Have costs really increased to that extent?

You should visit 3 or 4 local Swansea City conveyancing solicitors requesting estimates. You should base your choice not solely on cost, but on promptness and on how comprehensive the reply is.

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