My partner and I are buying a newly constructed apartment in Bryncoch and my conveyancer is advising me that she is duty bound to the bank to reveal incentives from the developer. I am on a tight deadline to exchange and my preference is not to prolong matters. is my lawyer playing by the book?

You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.

How does conveyancing in Bryncoch differ for newly converted properties?

Most buyers of new build or newly converted property in Bryncoch come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Bryncoch usually 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 property lawyers 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 used to new build conveyancing in Bryncoch or who has acted in the same development.

Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one close by in Bryncoch I like with a park and station nearby, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Bryncoch in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?

Should you need a mortgage the remaining unexpired lease term will be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.

I've recently bought a leasehold flat in Bryncoch. Am I liable to pay service charges for periods before my ownership?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Leasehold Conveyancing in Bryncoch - Sample of Queries Prior to buying

Most Bryncoch leasehold properties will be liable to pay a service bill for the upkeep of the block invoiced by the management company. Where you buy the property you will have to pay this charge, usually in instalments during the year. This could vary from two or three hundred pounds to thousands of pounds for large purpose-built blocks. In all probability there will be a ground rent for you to pay annual, normally this is not a exorbitant sum, say around £50-£100 but you need to check as sometimes it could be many hundreds of pounds. What is the name of the managing agents? It is important to be aware whether changing the roof or some other major work is anticipated that will be shared between the leaseholders and may well dramatically increase the the service charges or necessitate a specific payment.

I cannot be present at my Bryncoch conveyancing solicitors office to sign documents for conveyancing in Bryncoch – will this be problematic?

You need not be concerned. Bryncoch conveyancing lawyers can conduct home moves for clients from a distance. You are unlikely to be required to meet your lawyer in the flesh at a Bryncoch conveyancers office. Almost all solicitor can handle all communications via phone, post and email - whatever works for you.