My wife and I are soon to exchange buying a house in Tredegar but as a result of damage from the recent storms I have managed to agree compensation from the seller in the sum of £3k in the form of a reduction in the price. This was going to be dealt with as part of amending the contract however Santander are not allowing this. Should they have been notified?
The solicitor being on the Santander conveyancing panel is required to advise Santander of any amendments to the purchase price. If you were to refuse your conveyancing practitioner to report the reduction to Santander then they would have to discontinue acting for you. In addition, Santander and you would have to appoint a new property lawyer for your conveyancing in Tredegar.
I am looking for a ground for flat up to £235,500 and identified one near me in Tredegar I like with open areas and station in the vicinity, however it only has 52 years unexpired on the lease. There is not much else in Tredegar suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the remaining unexpired lease term will be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
Am I best advised to choose a Tredegar conveyancing lawyer based in the area that I am buying? We have a good friend who can execute the conveyancing however they are based 400miles drive away.
The primary upside of using a high street Tredegar conveyancing practice is that you can visit the firm to sign paperwork, present your identification documents and pester them if necessary. They will also have local insight which is a bonus. That being said nothing is more important than finding someone that will do a good and efficient job. If if people you trust instructed your friend and on the whole were impressed that must outweigh using an unknown Tredegar conveyancing lawyer solely due to them being Tredegar based.
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Tredegar. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
Most houses in Tredegar are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Tredegar so you should seriously consider shopping around for a Tredegar conveyancing practitioner and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your lawyer will appraise you on the various issues.
I inherited a split level flat in Tredegar, conveyancing was carried out in 1995. Can you work out an approximate cost of a lease extension? Similar properties in Tredegar with a long lease are worth £175,000. The ground rent is £65 per annum. The lease finishes on 21st October 2079
With 58 years left to run the likely cost is going to span between £23,800 and £27,400 as well as costs.
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 comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
Should I cancel the direct debit for my mortgage with Barclays as soon as a completion date for my home sale in Tredegar has been set?
You would be well advised to continue paying any mortgage payments to Barclays until the mortgage is paid off from the proceeds of sale as part of your Tredegar conveyancing.