I am hoping to move into my new home in Tonteg next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the mortgage company. What does the insurance need to cover?
All property lawyers on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These obligations are not specific to conveyancing in Tonteg.
My bid for a property was accepted at auction in Tonteg. Conveyancing is required. What is next?
Now that you have to all intents and purposes signed on the dotted line you should choose a conveyancing lawyer as a matter of priority as you now have a fast approaching a fixed date to complete the conveyancing. An auction property will have a bespoke auction set of papers. This will likely include the copy title deeds, local authority and drainage searches. In the case of leasehold premises the legal pack should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation relating to leasehold premises. You should hand this to your appointed conveyancing solicitor as soon as possible. Do make sure that your finances are in place to complete the transaction on the set completion date.
About to purchase house in Tonteg. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Lloyds conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Tonteg solicitor is on the Lloyds conveyancing panel.
Our sealed bid on a house in Tonteg has been accepted, the sellers do nevertheless have an associated purchase. The owners have offered on somewhere, but it’s not been accepted yet, and have viewings of other properties in the pipeline. I have selected a local conveyancing solicitor in Tonteg. What should be my next step? When do I get the mortgage application with Leeds Building Society going?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is in the region of one thousand pounds, then survey, Tonteg conveyancing search costs, etc). First, you should check that your conveyancer is on the Leeds Building Society approved list. As to the subsequent phase this very much dictated by the circumstances of your case, attraction to this property and on the state of the market. During a rising market many purchasers will apply for a home loan with Leeds Building Society and pay for the valuation and only if it comes back ok would they request their solicitor to proceed with the conveyancing in Tonteg.
We are close to exchanging contracts on the sale of our property in Tonteg and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. A local conveyancer would know this is not the case. It does beg the question why the purchasers are using a national conveyancing outfit as opposed to a conveyancing solicitor in Tonteg. We have lived in Tonteg for many years we know of no issue. Should we contact our local Authority to get confirmation need.
It would appear that you have a conveyancing solicitor currently acting for you. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
I am buying a new build house in Tonteg with a loan from The Mortgage Works. The sellers refused to move on the price so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not disclose to my conveyancer about this extras as it will jeopardize my loan with The Mortgage Works. Do I keep my lawyer in the dark?.
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 on look out for some leasehold conveyancing in Tonteg. Before I get started I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and most are in Tonteg - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I bought a 2 bed flat in Tonteg, conveyancing formalities finalised in 2006. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Tonteg with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 yearly. The lease terminates on 21st October 2083
With 65 years left to run the likely cost is going to range between £13,300 and £15,400 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.