My partner and I are getting closer to an exchange on a property in Pontypool and my mum and dad have transferred the ten percent deposit to my conveyancing practitioner. I am now informed that as the deposit has been sent from someone other than me my property lawyer needs to make a notification to my bank. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I disclosed to the lender about my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?

The solicitor is legally required to clarify with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.

Should lawyers ask for an advanced payment for conveyancing in Pontypool?

If you are buying a property in Pontypool your solicitor will request that you put them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. If any down payment is payable against the purchase price then this should be needed shortly ahead of exchange of contracts. Any further balance that is needed should be transferred a couple of days ahead of the completion date.

I am purchasing a flat and need a conveyancing solicitor in Pontypool who is on the Nottingham Building Society solicitor. Could you point me in the right direction as regards a conveyancing firm?

Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Nottingham Building Society in certain locations such as Pontypool. We dont recommend any particular firm.

Just had an offer accepted on a new build apartment in Pontypool. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.

Here is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Pontypool

The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Forfeiture - bankruptcy or liquidation must not apply under this provision.

I am attracted to a two maisonettes in Pontypool both have in the region of forty five years unexpired on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Pontypool is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. For most purchasers and lenders, leases with less than eighty years become less and less attractive. On a more upbeat 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 residence 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 Pontypool conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

I invested in buying a leasehold flat in Pontypool, conveyancing formalities finalised December 2001. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Pontypool with a long lease are worth £265,000. The ground rent is £50 charged once a year. The lease expires on 21st October 2100

You have 75 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 plus legals.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to 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.