We are a couple about to exchange contracts for a leasehold flat in Ponthir. We encountered a snag. The mortgage offer with Nottingham Building Society runs out on 19/2/2025 but the sellers are putting forward a completion date of 21/2/2025. Can one extend the loan expiry date?
The best person to address this issue is your conveyancer who is in a position to determine if he or she is corresponding with the bank, owner’s conveyancers, selling agents or conceivably all three taking into account the circumstances your conveyancing to date.
As I am unsure how the conveyancing process works what is the most important piece of guidance you can give me about purchase conveyancing in Ponthir?
You may not hear this from too many lawyers but conveyancing in Ponthir or throughout Torfaen is an adversarial experience. Put another way, when it comes to conveyancing there is an abundance of room for friction between you and other parties involved in the transaction. E.g., the vendor, property agent and sometimes a lender. Appointing a solicitor for your conveyancing in Ponthir is a critical decision as your conveyancer is your adviser, and is the ONE party in the process whose role it is to look after your legal interests and to protect you.
Sometimes a potential adversary will attempt to convince you that it is in your interests to do things their way. For instance, the estate agent may claim to be helping by suggesting your lawyer is dragging his heels. Or your mortgage broker may try to convince you to do something that is against your conveyancers guidance. You should always trust your lawyer above all other parties in the conveyancing process.
My grandfather passed away 10 months ago and as sole heir and executor I was left the property in Ponthir. The house had a small mortgage left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Aldermore, pay off the mortgage. Is this possible?
Where you plan to refinance then Aldermore will insist on your using a conveyancer on the Aldermore conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Aldermore conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Aldermore mortgage is registered as a charge at the Land Registry.
If you had a top tip for selecting a conveyancing solicitor in Ponthir what would it be?
Do not opt for the cheapest Ponthir conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I just acquired a house at auction in Ponthir. Conveyancing is necessary. What are my next steps?
Given that you are now legally bound yourself to purchase you now have to retain a conveyancing practitioner quickly as you will have a pending deadline in which to complete the property. All auction property will have an associated auction set of papers. This will include most,if not all of the paperwork that your solicitor will need. If you have purchased leasehold premises the auction pack should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to leasehold premises. You need to hand this to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that that you have the requisite funding organised to complete the transaction on the set completion date.
Is there a list of TSB panel solicitors in Ponthir on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such tool on the CML or Building Society Association sites. Very few lending institutions make their panel listings available online. If you are in need of a Ponthir property lawyer on the TSB please use our tool.
Over the last few months I have been searching for a flat up to £235,500 and identified one close by in Ponthir I like with a park and transport links nearby, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Ponthir for this price, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.