My partner and I are getting closer to an exchange on a property in Torfaen and my parents have transferred the ten percent deposit to my conveyancer. I am now advised that as the deposit has been sent from someone other than me my solicitor needs to make a notification to my bank. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the lender concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to hold matters up?
Your lawyer is legally required to clarify with the bank to ensure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Are all Torfaen Conveyancing Quality Solicitors on the RBS conveyancing list of approved practices?
Some major banks and building societies now make use of CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of firms.
Two weeks ago we had a mortgage agreed in principle with RBS. Torfaen conveyancing solicitors were instructed. How long does it take for RBS to issue the offer to the property lawyer?
There is no definitive answer here. Have RBS conducted the valuation? Have you advised RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am buying a property in Torfaen. A rare aspect is that the roof has a solar panel. Lloyds have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Lloyds your lawyer must check the conveyancing requirements set out in Section two of UK Finance Lenders’ Handbook for Lloyds. The Council of Mortgage Lenders’ Handbook sets out minimum specifications for solar panel roof-space leases, and solicitors are required to report to Lloyds where a lease fails to comply with these specifications. The specifications relate to the installation of panels on properties nationwide and is not limited to Torfaen.
How does the Landlord & Tenant Act 1954 impact my business property in Torfaen and how can you help?
The particular law that you refer to provides security of tenure to business lessees, granting the a statutory right to apply to court for a new lease and remain in occupation at the end of the lease term. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing firms who use the act to your advantage and handle your commercial conveyancing in Torfaen
In my capacity as executor for the estate of my grandmother I am selling a residence in Newport but reside in Torfaen. My lawyer (based 250 miles awayneeds me to execute a stat dec prior to the transaction finalising. Could you suggest a conveyancing lawyer in Torfaen to witness and place their company stamp on the document?
strictly speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will do regardless of whether they are Torfaen based
Do you have any advice for leasehold conveyancing in Torfaen with the purpose of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Torfaen can be avoided where you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the buyers’ solicitors. Some Torfaen leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. If you have had conflict with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to unresolved. You believe that you know the number of years left on your lease but it would be advisable verify this by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. It is therefore important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Torfaen leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord approving such works. Should you dont have the consents in place do not communicate with the landlord without contacting your conveyancer in the first instance.
Leasehold Conveyancing in Torfaen - A selection of Questions you should consider Prior to buying
Is there a share of the freehold? The best form of lease structure is where the freehold reversion is in the ownership of the leaseholders. In this scenario the lessees enjoy being in charge if their destiny and even though a managing agent is often retained where it is larger than a house conversion, the managing agent retained by the leaseholders. Does the lease include onerous restrictions?