My fiance and I are purchasing a newly converted flat in Tredegar with a loan from Alliance & Leicester .We use our Tredegar conveyancing solicitor but Alliance & Leicester advised that her practice is not listed on their approved list of firms. we are left little option but to use a Alliance & Leicester panel lawyer or retain our local solicitor and fork out for a Alliance & Leicester panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that Alliance & Leicester use our lawyer?
Unfortunately,no. The loan offered to you is subject to its various provisions, a common one being that conveyancers needs to be on the Alliance & Leicester conveyancing panel. in the past, most lenders had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Alliance & Leicester
four months have gone by since my purchase conveyancing in Tredegar took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Tredegar is where the house is located. What do you suggest?
Flying freeholds in Tredegar 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 Tredegar you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Tredegar 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 premises.
In sourcing the world wide web for the words cheap conveyancing in Tredegar it shows results of numerous property lawyersin the vicinity. How do I determine which is the right conveyancer for me?
The preferential method of choosing the right conveyancer is through a personal referral, so enquire of colleagues and family who have acquired a property in Tredegar or the reputable estate agent or mortgage broker. Charges for conveyancing in Tredegar differ, so it's a good idea to secure a minimum of four quotes from varying types of solicitors. Make sure that you clarify that the costs are guaranteed not to rise.
I am a negotiator for a long established estate agency in Tredegar where we have experienced a few flat sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Tredegar conveyancing solicitors. Could you clarify whether the owner of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I am the registered owner of a split level flat in Tredegar, conveyancing having been completed in 1996. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Tredegar with over 90 years remaining are worth £227,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease terminates on 21st October 2090
With only 72 years left to run the likely cost is going to range between £9,500 and £11,000 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.