Me and my partner are about to exchange on the purchase of a house in Cardiff Bay but as a result of wreckage from some water damage at the property I have managed to agree recompense from the owner in the sum of £2k taking the form of a reduction in the price. I had intended this to be dealt with as part of amending the contract however TSB will not permit this. Why were they involved?
Any conveyancing practitioner being on the TSB approved list is obliged to advise TSB of any amendments to the purchase price. If you were to refuse your conveyancing practitioner to report the price change to TSB then they would have to discontinue acting for you. In addition, TSB and you would have to appoint a new solicitor for your conveyancing in Cardiff Bay.
I own a freehold premises in Cardiff Bay but still charged rent, why is this and what is this?
It is rare for properties in Cardiff Bay and has limited impact for conveyancing in Cardiff Bay but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
I just acquired a house at auction in Cardiff Bay. Conveyancing is needed. What is next?
Now that you have exchanged you will need to instruct a conveyancing solicitor quickly as you will have a tight a drop dead date to complete the deal. Every auction property will have a bespoke auction pack. This should include most,if not all of the paperwork that your conveyancer will need. In the case of leasehold property the legal pack may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to a leasehold property. You should give this to the solicitor working for you at the earliest opportunity. Do make sure that you have funds organised to complete the transaction on the set completion date.
is it true that all Cardiff Bay conveyancing solicitors on the Principality conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Principality approved list of solicitors they would need to be overseen by the SRA. Some banks do allow licenced conveyancers on their panel and in such a situation the organisation would be governed by the Council of Licensed Conveyancers.
My wife and I are in the process of viewing apartments in Cardiff Bay and I am about to put in an offer. Should I already have a property lawyer in place at this point? I am planning to take a mortgage with Nationwide.
You should start obtaining conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. Given that you are getting a mortgage with Nationwide, make sure you remember to check that your lawyer is on the Nationwide conveyancing panel.
Should I be suspicious about estate agents that I am dealing with are encouraging me to use a national conveyancing firm rather than a High Street Cardiff Bay conveyancing company?
As with many professional services, often referrals from connections can be most helpful. But there are lots of people with a keen interest in a conveyancing matter; estate agents, mortgage brokers and banks might all suggest solicitors to select. Sometimes the solicitors might be known to one of the organisations as being good in their field, but sometimes there exists a financial incentive behind the recommendation. You have the right to choose your own conveyancer. You need to be aware that most banks have an approved list of conveyancers you must use for the mortgage related work in your conveyancing.
We're FTB’s - had an offer accepted, yet the property agent advised that the seller will only go ahead if we appoint the agent's preferred conveyancers as they are insisting on a ‘quick sale’. We would rather use a family conveyancer with experience of conveyancing in Cardiff Bay
It is unlikely the vendors are behind this. If they require ‘a quick sale', turning down a serious purchaser is is going to put the whole deal at risk. Contact the owners directly and make the point that (a)you are motivated buyers (b)you are excited to move forward, with finances arranged © you are chain free (d) you intend to proceed fast (e)but you are going to appoint your preferred Cardiff Bay conveyancing solicitors - rather thanthose that will provide the estate agent a kickback or hit his conveyancing targets set by senior management.
We are considering choosing an online conveyancing practitioner rather than a Cardiff Bay conveyancing firm. Any advice?
Advantages do exist in having the option visit a local Cardiff Bay conveyancing solicitor for example
- signing papers and and when necessary
- getting one on one explanations of issues that you need help with
- the ability to raise concerns if things need to addressed
When comparing estimates, look out for hidden extras. The majority decent Cardiff Bay high street solicitors give an all-inclusive price. Many online agents seem to offer cheap prices, yet have burried 'extras' in the in the terms and conditions.