My wife and I are purchasing a newly built flat in Cyncoed and my lawyer is telling me that she is duty bound to the bank to reveal incentives from the builder. The Estate Agents are hassling me to exchange contracts and I would rather not delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company 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.
Completed the sale of my flat in Cyncoed last August yet the purchaser is texting every few hours to moan that their lawyer needs to hear from myconveyancer. What are the post completion sale legalities now that I have sold?
Following your house sale your conveyancer is committed to deliver the transfer documentation and all additional paperwork to the purchaser's lawyers. Depending on the transaction, your conveyancer should also evidence that the home loan has been redeemed to the purchasers solicitors. There is unlikely to be post completion tasks unique to conveyancing in Cyncoed.
We are buying a victorian detached house in Cyncoed. The intention is to an extension at the rear at the property.Will legal conveyancing on the property include enquiries to see if these alterations are permitted?
Your solicitor should check the deeds as conveyancing in Cyncoed will on occasion identify restrictions in the title deeds which restrict categories of changes or necessitated the permission of a 3rd party. Certain additions call for local authority planning permissions and approval under the building regulations. Many locations are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these things with a surveyor ahead of any purchase.
We previously selected solicitors based in Cyncoed on the Bank of Ireland solicitor panel. They have just billed me an additional fee for the legal aspects of the Bank of Ireland mortgage. Is this a supplemental conveyancing fee specified by Bank of Ireland?
Unfortunately, as long as it is in their Terms of Engagement or estimate then yes your conveyancing practitioner is entitled to charge a fee for this. The fee is not set by Bank of Ireland but by your Cyncoed property lawyer. Plenty of firms on the Bank of Ireland panel will quote an ‘acting for lender’ fee but some firms include it on their overall fee.
I have instructed a Cyncoed conveyancer having made sure that they are on the Virgin Money conveyancing panel. Does my lawyer arrange the survey of the property?
Virgin Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin Money will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Cyncoed postcode. As you are getting a mortgage with Virgin Money, you could contact them to see if they have a list of approved surveyors in Cyncoed.
Do commercial conveyancing searches reveal proposed roadworks that could impact a commercial land in Cyncoed?
Many commercial conveyancing solicitors in Cyncoed will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in sourcing accurate data on highways that impact buildings and development assets in Cyncoed. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Cyncoed.
For each commercial conveyancing transaction in Cyncoed it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately can result in delays to Cyncoed commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not ordered for residential conveyancing in Cyncoed.
Just had an offer accepted on a new build flat in Cyncoed. Conveyancing is necessary evil 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 legal work.
Set out below are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Cyncoed
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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? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please confirm the Lease plans are surveyor prepared. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
Do you have any advice for leasehold conveyancing in Cyncoed from the perspective of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Cyncoed can be reduced where you get in touch lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ solicitors. If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share document. Organising a re-issued share certificate can be a time consuming formality and delays many a Cyncoed home move. If a new share is needed, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity. If there is a history of conflict with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a property where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than unresolved. In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Cyncoed leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence from the Landlord approving such changes. Should you fail to have the consents to hand do not communicate with the landlord without contacting your lawyer in advance.
I own a garden flat in Cyncoed, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Cyncoed with an extended lease are worth £221,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease terminates on 21st October 2096
With only 70 years remaining on your lease the likely cost is going to span between £9,500 and £11,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.