Me and my husband are buying residence in Magor. My Conveyancer is not on the lender approved list. Is it possible for me to appoint my Magor conveyancing solicitor even though they are not on the lender list of approved lawyers?
One must use a lawyer to complete the formalities if you take out a loan to purchase your home. The lawyer will conduct all the essential legal checks on the property, ensuring that you will be properly registered as the owner and ensure that all the necessary mortgage paperwork is dealt with. You may appoint a Magor solicitor of your choice. Nevertheless, where the solicitor appointed is not a member of the bank approved list further fees will be levied as separate legal representation will be required by them. Bank panel applications can be submitted, so provided your lawyer has not historically sought membership they should take the opportunity to apply.
A colleague advised me that in buying a property in Magor there may be a number of restrictions affecting the ability to carry out external alterations to a property. Is this right?
There are a number of properties in Magor which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Magor should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Are all Magor Conveyancing Quality Solicitors on the Aldermore conveyancing list of approved firms?
A selection of lenders now use CQS as the kick off point for Panel approval such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
I have decided to exercise my right to buy my property in Magor off the council. I have a mortgage offer with Clydesdale. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Clydesdale, you will need to appoint a solicitor on the Clydesdale conveyancing panel.
What can a local search tell me concerning the property I am purchasing in Magor?
Magor conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search organisations for instance Xpress Legal The local search is essential in every Magor conveyancing purchase; as long as you don’t want any nasty surprises after you move into your new home. The search will provide information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
How does conveyancing in Magor differ for newly converted properties?
Most buyers of new build property in Magor contact us having been asked by the builder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Magor usually purchase the real estate, 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 Magor or who has acted in the same development.
We own a leasehold flat in Magor. Conveyancing was finished in five years ago. I have read on numerous advice forums that I mustn’t allow the the remaining lease term to fall too short. Is this right?
Magor residential long term leases are for a prescribed term - often ninety nine years when they commenced. However many appartments in Magor were built or converted in the 70’s80’s and so such leases now have under 80 years left to run. This may sound like plenty of time but Banks, Building Societies and other mortgage lenders on the whole require leases to have at least 75 years left to adequate security. This means that when you come to sell the property you will need to extend the term of your lease if you are getting close to eighty years. To maximise your property value you should be considering whether or not to extend your lease well in advance of selling the property. You should note that there are strong financial reasons to doing so before the lease hits eighty years as when the lease falls below 80 years the premium to be paid to extend starts to get a lot more expensive.