Am I correct in assuming that the fact that my solicitor in Bargoed is not listed on my mortgage company's conveyancing panel that there is a problem with the standard of her work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Bargoed conveyancing firm and ask them why they are no longer on the approved list for your lender.
My wife and I have recently acquired a property in Bargoed. We have since encountered a number of problems with the property which we suspect were overlooked in the conveyancing searches. Do we have any recourse? Can you clarify the type of searches that should have been carried out for conveyancing in Bargoed?
The question is vague as to the nature of the problems and if they are relate to conveyancing in Bargoed. Conveyancing searches and due diligence initiated as part of the legal transfer of property are designed to help avoid problems. As part of the process, the vendor fills in a form referred to as a Seller’s Property Information Form. answers provided is incorrect, you may have a misrepresentation claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Bargoed.
Can you explain why leasehold purchase conveyancing in Bargoed is more expensive?
The conveyancing charges for a leasehold premises in Bargoed is inevitably more expensive when contrasted to a freehold residence. This is because there is an amount of additional time required in liaising with the freeholder and managing agents to obtain information about whether the rent and maintenance fee have been paid and whether there are any significant expenditure in the foreseeable future on repairs or maintenance of the block.
I am looking for a flat up to £235,500 and identified one round the corner in Bargoed I like with open areas and station nearby, the downside is that it only has 52 years on the lease. I can't really find anything else in Bargoed suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
Me and my husband have agreed a price on a Bargoed house left to us ten years ago in 2009. I have over a decades worth of conveyancing know-how and, although retired, see no reason not to carry out my own legal work. The buyer's conveyancer has informed me that their mortgage company will not allow us to do our own conveyancing as they require the funds to be released via a solicitor's bank account.
Lending instructions to lawyers from all mainstream lenders state that If the seller does not have legal representation the purchaser’s lawyers should check whether the bank needs to be informed so that a decision can be made if they are prepared to move forward.