I have just been advised by my financial adviser that my Aberdare property lawyer is not on the lender Conveyancing panel. What can I do to check?
Your first step should be to call your Aberdare lawyer directly. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your bank.
My conveyancer has uncovered a defect with the lease for the flat we are buying in Aberdare. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancing practitioner says that he must be satisfied that the bank is willing to move forward with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
Are the BSA planning on creating a search tool with a view to list practices on the Loughborough BS conveyancing panel for instance in Aberdare?
We are not aware of any plans on the part of the BSA to develop such a register.
I have been told that property searches are a common reason for delay in Aberdare house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of holding up conveyancing in Aberdare.
I am on look out for some leasehold conveyancing in Aberdare. Before diving in I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Aberdare - 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 purchased a garden flat in Aberdare, conveyancing having been completed in 2004. Can you work out an approximate cost of a lease extension? Comparable flats in Aberdare with over 90 years remaining are worth £260,000. The average or mid-range amount of ground rent is £45 levied per year. The lease runs out on 21st October 2099
With just 74 years remaining on your lease we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.