My husband and I are planning to buy a home in Tonypandy and have appointed a Tonypandy conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Nationwide Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Tonypandy solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Tonypandy solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
My Tonypandy conveyancer has discovered a difference between the surveyor’s assumptions in the valuation survey and what is in the title deeds. My solicitor informs me that he must ensure that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s approach correct?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
My friend recommended that if I am buying in Tonypandy I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally quoted for as part of the standard Tonypandy conveyancing searches. It is not a small document of more than thirty pages, listing and detailing significant information about Tonypandy around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Tonypandy Education with maps and statistics, Local Amenities and other useful information concerning Tonypandy.
About to purchase a new build flat in Tonypandy. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Tonypandy
There must be mutual enforceability of lessee’s covenants. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply a car parking plan. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
Having had my offer accepted I require leasehold conveyancing in Tonypandy. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and almost all are in Tonypandy - 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 am the registered owner of a 1 bedroom flat in Tonypandy, conveyancing was carried out 7 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Tonypandy with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £45 per annum. The lease finishes on 21st October 2095
With just 74 years left to run we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.