Our conveyancer has identified a a legal deficiency with the lease for the property we are purchasing in Cardiff Bay. The other side have put forward title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancing practitioner has advised that he must be satisfied that the lender is happy with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
How up to date is your search tool for Cardiff Bay conveyancing solicitors on the Santander conveyancing panel? Do Santander send you an updated list?
Cardiff Bay conveyancing firms themselves provide us confirmation that they are on the Santander conveyancing panel as opposed to being supplied with a list from Santander directly.
How do I discover of the solicitor handling my conveyancing in Cardiff Bay is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Yorkshire Building Society thus spending £175.00 in another set of legal invoice.
Please do make use of the find a lender approved solicitor tool on this web page. Please choose the mortgage company and type ‘Cardiff Bay’ or your location and you will discover numerous solicitors offices in Cardiff Bay or nearest you.
What does a local search tell me concerning the house my wife and I purchasing in Cardiff Bay?
Cardiff Bay conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search organisations such as Xpress Legal The local search is essential in every Cardiff Bay conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your new home. The search should 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 13 subject sections.
I have been on the look out for a leasehold apartment up to £235,500 and identified one round the corner in Cardiff Bay I like with amenity areas and station in the vicinity, the downside is that it only has 49 years on the lease. I can't really find anything else in Cardiff Bay suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a home loan that many years will be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I only have 68 years left on my flat in Cardiff Bay. I am keen to extend my lease but my landlord is missing. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you have made all reasonable attempts to track down the landlord. On the whole a specialist may be helpful to carry out a search and to produce a report which can be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a solicitor in relation to investigating the landlord’s disappearance and the application to the County Court overseeing Cardiff Bay.
I inherited a 1st floor flat in Cardiff Bay, conveyancing was carried out 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Cardiff Bay with a long lease are worth £190,000. The average or mid-range amount of ground rent is £65 per annum. The lease runs out on 21st October 2086
You have 61 years left to run we estimate the premium for your lease extension to span between £18,100 and £20,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.