I am expecting a mortgage with Halifax. I would like to enlist the help of a Licensed Conveyancer in Ceredigion. Does the Halifax Conveyancing panel exclude Licensed Conveyancers?
The Halifax conveyancing panel is, like many other lenders, represented by the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I am hoping to complete my purchase in Ceredigion next Thursday. My conveyancing practitioner now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the lender. What does the insurance need to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 instructions. These requirements are not specific to conveyancing in Ceredigion.
Why is leasehold purchase conveyancing in Ceredigion is more expensive?
Ceredigion leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I am looking for a flat up to £195,000 and identified one round the corner in Ceredigion I like with amenity areas and station in the vicinity, however it's only got 52 remaining years left on the lease. I can't really find anything else in Ceredigion for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term may be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
Do I need to be concerned by brokers that I am dealing with are suggesting an online conveyancing firm rather than a local Ceredigion conveyancing practice?
As with lots of service providers, often suggestions from relatives can be very helpful. But there are lots of players in a conveyancing deal; estate agents, mortgage brokers and lenders may put forward lawyers to instruct. Sometimes the solicitors might be known to one of the organisations as experts in their field, but occasionally there may be a financial incentive behind the recommendation. You have the right to choose your preferred lawyer. However, bear in mind that many lenders specify a panel list of law firms you must use for the lender aspect of your home move.
I have recently realised that I have 68 years remaining on my flat in Ceredigion. I am keen to get lease extension but my landlord is can not be found. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to prove that you or your lawyers have made all reasonable attempts to locate the lessor. In some cases a specialist may be useful to try and locate and to produce a report to be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a conveyancer both on investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Ceredigion.
I am the registered owner of a 2 bed flat in Ceredigion, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Ceredigion with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease ceases on 21st October 2093
With 69 years remaining on your lease we estimate the price of your lease extension to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.