What is the first thing I need to know about purchase conveyancing in Cyncoed?
Not many law firms or advisers will tell you this but conveyancing in Cyncoed or throughout England and Wales is often a confrontational process. In other words, when it comes to conveyancing there is an abundance of opportunity for conflict between you and others involved in the legal transfer of property. E.g., the vendor, property agent and even potentially your bank. Appointing a lawyer for your conveyancing in Cyncoed an important selection as your conveyancer is your adviser, and is the SOLE person in the legal process whose interest is to protect your legal interests and to protect you.
Sometimes a third party with a vested interest will try and convince you that it is in your interests to do things their way. For instance, the property agent may claim to be assisting by claiming that your conveyancer is slow. Or your financial adviser may try to convince you to do take action that is against your solicitors guidance. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
Last month we had a mortgage agreed in principle with Co-operative. Cyncoed conveyancing lawyers are appointed. What is the average time that one could expect to receive a mortgage offer from Co-operative?
Some lenders take longer than others. Have Co-operative done the valuation? Have you informed Co-operative as to your lawyers' details and checked that your lawyers are on the Co-operative conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have today made my last payment due on my mortgage with Barclays. I assume I don't need a Cyncoed solicitor on the Barclays panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Barclays mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Barclays mortgage from the register. Barclays, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Barclays has sent the Land Registry the discharge electronically, and
- Barclays has instructed the Land Registry to do so
After what seems like an age I have had an offer on a flat in Cyncoed accepted, the sellers do however have a dependent purchase. The owners have put an offer on on an apartment, however it’s not been accepted yet, and have viewings of other apartments booked. I have instructed a high street conveyancing solicitor in Cyncoed. What do I do now? When should I get the mortgage application with Lloyds going?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx one thousand pounds, then valuation, Cyncoed conveyancing search charges, etc). First, you must check that your conveyancing practitioner is on the Lloyds approved list. Regarding the subsequent steps this very much depends on the specifics of your transaction, desire for the property and on the state of the market. In a buoyant market the majority of purchasers will apply for the mortgage with Lloyds and pay for the valuation and only if it was satisfactory would they ask their property lawyer to move forward with searches.
A relative suggested that where I am purchasing in Cyncoed I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually quoted for as part of the standard Cyncoed conveyancing searches. It is a large report of about 40 pages, listing and setting out significant information about Cyncoed around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Cyncoed Education with plans and statistics, Local Amenities and other useful data regarding Cyncoed.
I opted to have a survey carried out on a property in Cyncoed before appointing lawyers. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some lenders will not give a mortgage on this type of house.
It varies from the lender to lender. Lloyds has different instructions from Birmingham Midshires. Should you wish to telephone us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Cyncoed. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Cyncoed to see if the conveyancing costs will increase in light of this.
I am using a search engine for the term on line conveyancing in Cyncoed it shows results of many conveyancersin the vicinity. With so much choice what is the best way to find the suitable solicitor for the sale of my house?
The preferential method of choosing a suitable conveyancer is through a personal recommendation, so ask friends and those you trust who have bought a property in Cyncoed or the respected estate agent or mortgage broker. Costs for conveyancing in Cyncoed vary, so it's sensible to secure at least three fee estimates from different property lawyers. Be sure to seek confirmation what costs in the quote includes.
I am attracted to a couple of maisonettes in Cyncoed which have in the region of 50 years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Cyncoed is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. For most purchasers and lenders, leases with under 75 years become less and less marketable. On a more upbeat 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 premises 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 Cyncoed 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. 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 the agreed 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 1st floor flat in Cyncoed, conveyancing having been completed in 2009. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Cyncoed with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease runs out on 21st October 2084
You have 59 years left to run the likely cost is going to be between £20,900 and £24,200 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.