My husband and I are buying a new build flat in Cardigan and my solicitor is telling me that she is duty bound to the lender to disclose incentives from the builder. The Estate Agents are hassling me to exchange and I have no desire to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
A friend pointed out to me me that in buying a property in Cardigan there could be a number of restrictions affecting the ability to carry out external changes to the property. Is this right?
We are aware of a number of properties in Cardigan which have some sort of restriction or requirement of consent to execute external alterations. Part of the conveyancing in Cardigan should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
My wife and I purchasing a 3 bedroom semi in Cardigan. The intention is to carry out an extension to the side at the property.Will legal investigations on the property involve checks to ascertain if these works are prohibited?
Your conveyancer should check the deeds as conveyancing in Cardigan can sometimes reveal restrictions in the title deeds which prevent categories of works or necessitated the consent of a 3rd party. Many additions require local authority planning permissions and approval in accordance building regulations. Many locations are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. You should check these things with a surveyor before you commit yourself to a purchase.
We are getting a further advance on our mortgage from Coventry BS as we want to carry out renovations to our home in Cardigan. Are we obliged to appoint a local Cardigan solicitor on the Coventry BS conveyancing panel to handle the paperwork?
Coventry BS don't usually appoint a member of 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 Coventry BS panel.
I have recentlybeen informed that Action Conveyancing have been shut down. They conducted my conveyancing in Cardigan for a purchase of a freehold house 18 months ago. How can I check that the property is in my name in the name of the former proprietor?
The easiest method to see if the property is in your name, you can make 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 Cardigan conveyancing specialists.
The estate agent has sent us the confirmation of our purchase of a new build flat in Cardigan. Conveyancing is a frightening process 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.
Here is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Cardigan
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Forfeiture - bankruptcy or liquidation must not apply under this provision.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a simple, chain free conveyancing. Cardigan is where the house is located. What do you suggest?
Flying freeholds in Cardigan are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cardigan you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cardigan may determine 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 residence.
We own a leasehold flat in Cardigan. Conveyancing was finalised in 2011. I have heard that I should not allow the lease length get too short. What is the reasoning?
Cardigan residential long term leases are for a prescribed period - usually just under one hundred years when they are first granted. However a significant appartments in Cardigan were built or converted 25 or more years ago and so such leases now have fewer than eighty years unexpired. That may seem like a long time however Banks, Building Societies and other mortgage institutions on the whole need leases to have at least 75 years unexpired to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are approaching eighty years. To maximise your property value you should be thinking about whether to extend your lease long before you come to sell it. Furthermore strong financial reasons to taking action before the lease reaches even 80 years as when the lease is less than 80 years the amount you have to pay to extend starts to escalate.