It is a dozen years since I acquired my home in Crynant. Conveyancing lawyers have now been instructed on the sale but I can't locate my title deeds. Will this jeopardise the sale?
Don’t worry too much. Firstly there is a chance that the deeds will be kept by your mortgage company or they may be in the possession of the solicitor who oversaw the purchase. Secondly the chances are that the property will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers obtaining current official copies of the land registers. Most conveyancing in Crynant relates to registered property but in the rare situation where your property is not registered it adds to the complexity but is not insurmountable.
Having spent time scouring online forums for a cheap solicitor in Crynant, most advise that I should look for a CQS kitemarked lawyer. What is CQS?
Crynant Conveyancing Quality Scheme practices have achieved certification by the law Society CQS was created to promote high standards in the in the legal transfer of properties. CQS helps consumers to identify practices who provide a quality residential conveyancing. Crynant is one of locations in England and Wales in which accredited firms are located. The scheme obliges practices to undergo a strict assessment, compulsory training, self-reporting, spot checks and yearly assessments in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Building Societies Association.
It has been five months since my purchase conveyancing in Crynant took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the input of my in-laws I had a survey completed on a house in Crynant in advance of retaining solicitors. I have been informed that there is a flying freehold element to the house. My surveyor advised that some mortgage companies will not issue a mortgage on a flying freehold house.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. Should you wish to call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Crynant. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Crynant to see if the conveyancing will be more expensive.
I am tempted by the attractive purchase price for a couple of maisonettes in Crynant both have approximately forty five years left on the leases. should I be concerned?
There are no two ways 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 premises. The majority of purchasers and mortgage companies, leases with less than eighty years become less and less attractive. 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 property 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 residence 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. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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 am the registered owner of a studio flat in Crynant, conveyancing was carried out 10 years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Crynant with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 per annum. The lease comes to an end on 21st October 2077
With just 52 years unexpired we estimate the price of your lease extension to span between £29,500 and £34,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
Is there a reason that Crynant conveyancing fees differ for leasehold and freehold properties?
Inevitably there is more work required for leasehold conveyancing. Crynant has many leasehold properties. There is more paperwork involved in the purchase: for example, the lease and leasehold information (including up to date service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.