This question may be naive but I am unseasoned as a 1st time purchaser of a ground floor flat in Barry Island. Do I collect the keys to the premises on completion from my solicitor? If so, I will use a High Street conveyancing solicitor in Barry Island?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the purchase money to the vendor’s lawyers, and once they have received this, you will be invited to collect the keys from the property Agents and start moving into the property. Usually this happens between 1 and 3pm.
I'm the only recipient of my late father’s will and I have everything in my name alone, including the my former home in Barry Island. The Barry Island property was put into my name in June. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership could be treated the same way as if I'd bought the house in June. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. How sensible a view lenders take of it, depend on the mortgage company as this provision is principally there to identify subsales or the wholesaling and assigning of property.
We are getting the release of further monies on our home loan from Bank of Ireland as we want to conduct a loft conversion to our property in Barry Island. Do we need to appoint a local Barry Island solicitor on the Bank of Ireland conveyancing panel to handle the legals?
Bank of Ireland would not normally appoint firms on their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Bank of Ireland panel.
I have recentlydiscovered that Stirling Law have closed. They conducted my conveyancing in Barry Island for a purchase of a leasehold apartment 18 months ago. How can I be sure that the property is not still registered in the name of the former proprietor?
The quickest way to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Barry Island conveyancing specialists.
I am buying a new build apartment in Barry Island. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Barry Island
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a quick, no chain conveyancing. Barry Island is the location of the property. Can you offer any assistance?
Flying freeholds in Barry Island are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Barry Island you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Barry Island may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Am I best advised to go with a Barry Island conveyancing lawyer in close proximity to the house I am purchasing? An old friend can perform the legal work however they are based 300kilometers away.
The benefit of a local Barry Island conveyancing firm is that you can drop in to sign documents, present your ID and apply pressure on them where appropriate. Having local Barry Island know how is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and they were impressed that should outweigh using an unfamiliar Barry Island conveyancing lawyer solely due to them being local.
Back In 2005, I bought a leasehold flat in Barry Island. Conveyancing and Coventry Building Society mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Barry Island who previously acted has long since retired. Any advice?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Barry Island conveyancing firm to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Leasehold Conveyancing in Barry Island - Examples of Queries before buying
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What is the annual maintenance fee and ground rent? Does the lease include onerous restrictions? It would be sensible to find out as much as possible about the managing agents as they can either make living at the property much easier or problematic. As the owner of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to day to day issues like the cleanliness of the communal areas. Ask other tenants if they are happy with them. In conclusion, find out the dates that the maintenance fees are due to the managing agents and specifically how they are spending that money.