We are getting the release of further funds on our mortgage from Leeds Building Society as we wish to conduct improvements to our property in Torfaen. Do we need to choose a bricks and mortar Torfaen solicitor on the Leeds Building Society conveyancing panel to deal with the paperwork?
Leeds Building Society don't usually require a member of their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Leeds Building Society list.
I am expecting a AIP from Aldermore this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Aldermore recommend any Torfaen solicitors on the Aldermore conveyancing panel, or is it better to go independently?
You will need to appoint Torfaen solicitors independently although you'll need to choose one on the Aldermore conveyancing panel. The solicitor represents both you and Aldermore through the process.
I can not work out if my mortgage offer requires a lease extension. I have telephoned my Torfaen building society branch on various occasions and was advised it wasn't an issue and they would lend. My Torfaen conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend based on their published requirements. Who do I believe?
Your conveyancer has to follow the CML Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a quick, chain free conveyancing. Torfaen is the location of the property. Is there any guidance you can give?
Flying freeholds in Torfaen are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Torfaen you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Torfaen 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 property.
I have been pointed in your direction by three or four local property agents in Torfaen to select a solicitor using your seach tool. What’s the financial incentive for Estate Agents to promote your site ahead of alternative conveyancing organisations?
We refuse to offer any commission for pointing buyers and sellers to this site. We thought it would be too underhand to pay a commission as a client could think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
In my capacity as executor for the estate of my uncle I am selling a property in Cardiff but live in Torfaen. My conveyancer (approximately 235 miles from meneeds me to sign a stat dec prior to completion. Could you suggest a conveyancing practitioner in Torfaen who can attest and place their company stamp on the document?
Technically speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or qualified solicitor will suffice regardless of whether they are Torfaen based
I've recently bought a leasehold flat in Torfaen. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the registered owner of a garden flat in Torfaen, conveyancing was carried out in 1996. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Torfaen with an extended lease are worth £192,000. The ground rent is £55 invoiced annually. The lease terminates on 21st October 2077
You have 54 years left to run the likely cost is going to span between £32,300 and £37,400 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.