My husband and I are hoping to buy a newbuild apartment in Milford Haven with a homeloan from Leeds Building Society.We would like to retain our Milford Haven conveyancing solicitor but Leeds Building Society informed us she’s not listed on their "panel". It seems we have no choice but to instruct a Leeds Building Society panel solicitor or keep our local solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; is there anything we can do?

Unfortunately,no. The home loan offered to you is subject to its various provisions, a common one being that lawyers needs to be on the Leeds Building Society approved list. in the past, most lenders had large numbers of law firms on their panels: a borrower could find 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 solicitors to apply to be on the conveyancing panel for Leeds Building Society

How does conveyancing in Milford Haven differ for new build properties?

Most buyers of new build property in Milford Haven approach us having been asked by the builder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Milford Haven typically purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Milford Haven or who has acted in the same development.

I am looking for a ground for flat up to £305k and identified one round the corner in Milford Haven I like with a park and transport links in the vicinity, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Milford Haven in this price bracket, so just wondered if I would be making a grave error buying a short lease?

If you require a mortgage the remaining unexpired lease term will likely be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you could request that they 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 solicitor about this.

I am attracted to a two apartments in Milford Haven which have in the region of fifty years left on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Milford Haven is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most buyers and mortgage companies, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Milford Haven conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Milford Haven Conveyancing for Leasehold Flats - Examples of Queries Prior to buying

The answer will be helpful as a) areas could cause problems in the building as the communal areas may begin to deteriorate if maintenance remain unpaid b) if the tenants have a dispute with the running of the building you will want to have full disclosure Are any of leasehold owners in dispute over their service charge payments? The prefered form of lease arrangement is where the freehold title is owned by the leaseholders. In this arrangement the leaseholders have being in charge if their destiny and although a managing agent is often retained if the building is larger than a house conversion, the managing agent acts for the leaseholders themselves.

I'm selling a house in Milford Haven. I can find my conveyancer's company on the CLC list, but I can't see my conveyancer's name as listed on the regulator's website. Should I be concerned?

Not every individual in the law firm must be listed by the regulator. As long there is a manager qualified to 'oversee' the conveyancing, the actual day-to-day activity can be undertaken by unqualified staff.