My apartment in Crynant is up for sale and I have a purchaser. Does the lawyer have to be on the Coventry BS conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Coventry BS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently currently.
Are all Crynant Conveyancing Quality Solicitors on the Coventry BS conveyancing list of approved firms?
It is true that some lenders now make use of the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
We previously appointed solicitors with offices in Crynant on the RBS solicitor panel. They are now charging me a further charge for dealing with the RBS mortgage. Is this an additional conveyancing fee set by RBS?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your conveyancer may charge a fee for this. The charge is not dictated by RBS but by your Crynant property lawyer. Plenty of firms on the RBS panel will charge ’dealing with mortgage’ fee and others do not.
It is unclear whether my bank requires a lease extension. I have called my Crynant bank branch on numerous occasions and was told they are content with the situation and they will lend. My Crynant conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend based on their published requirements. I have no idea who is right.
As long as the property lawyer is on the bank panel, they must adhere to the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
My wife and I purchased a 4 bedroom Edwardian property in Crynant. Conveyancing practitioner acted for me and The Royal Bank of Scotland. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold with the matching address. I'd like to know for sure, how can I find out??
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Crynant and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the position with your conveyancing lawyer who conducted the work.
I need to retain a conveyancing solicitor for sale conveyancing in Crynant. I happened to discover a web site which seems to have the ideal offering If there is a chance to get all formalities done via email that would be ideal. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am attracted to a two apartments in Crynant both have in the region of fifty years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Crynant is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. For most purchasers and banks, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Crynant conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I purchased a 2 bed flat in Crynant, conveyancing was carried out July 2009. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Crynant with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £45 levied per year. The lease finishes on 21st October 2099
You have 74 years unexpired the likely cost is going to range between £8,600 and £9,800 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
I am purchasing a flat and need a conveyancing solicitor in Crynant who is on the bank approved panel. Can you recommend a Crynant or local firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for the mortgage company who carry out conveyancing in Crynant. We dont recommend any particular conveyancing practice.