Various web forums that I have come across warn that are a common reason for stalling in Tal y bont house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays during the legal transfer of property. Searches are not likely to feature in any delay in conveyancing in Tal y bont.
I used Action Conveyancing several years ago for my conveyancing in Tal y bont. I now require my file however the law firm is no longer operating. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Tal y bont of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am buying my first flat in Tal y bont with the aid of help to buy. The sellers refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The property agent told me not reveal to my lawyer about this extras as it would impact my loan with National Westminster Bank. 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.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a simple, chain free conveyancing. Tal y bont is the location of the property. Can you shed any light on this issue?
Flying freeholds in Tal y bont are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Tal y bont you must be sure that your lawyer goes 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 Tal y bont may decide 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.
We own a leasehold flat in Tal y bont. Conveyancing was completed in 2009. I have read on a number of consumer forums that I mustn’t allow the lease length fall too low. Why is that a problem?
Tal y bont domestic long term leases are for a fixed period - often 99 years when they commenced. However a significant flats in Tal y bont were constructed or converted 35 or more years ago and so such leases now have under 80 years left to run. That may sound like plenty of time but Banks, Building Societies and other mortgage lenders on the whole need leases to have at least 75 years left to be mortgageable. This means that when you come to sell the property you will need a lease extension if you are getting close to 75 years. To enhance the marketability of your property you should be thinking about whether to extend your lease well in advance of selling the property. There are also significant benefits to doing so before the lease hits eighty years as when the lease is below eighty years the premium to be paid to extend starts to increase.