My lawyer has identified a defect with the lease for the flat we are purchasing in Cyncoed. The other side have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer says that he must ensure that the lender is willing to move forward with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
Why do I have to pay up front when it comes to conveyancing in Cyncoed?
Where you are retaining lawyers for conveyancing in Cyncoed your solicitor will request that you to provide them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. When the deposit is payable against the purchase price then this will be required shortly before exchange of contracts. The final balance that is due should be transferred a few days ahead of the day of completion.
I have todaydiscovered that Stirling Law have closed. They carried out my conveyancing in Cyncoed for a purchase of a freehold house 10 months ago. How can I establish that my home is in my name in the name of the former proprietor?
The quickest way to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Cyncoed conveyancing specialists.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Cyncoed. Conveyancing is daunting 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 is a sample of a selection of leasehold new build questions 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? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply a car parking plan. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
Is it possible to transfer to a new conveyancer as I have to appoint a firm on the Nottingham Building Society conveyancing list. I had appointed a family conveyancing solicitor in Cyncoed round the corner but he is not approved by Nottingham Building Society
We will our best to assist in finding you a conveyancing solicitor in Cyncoed on the Nottingham Building Society panel. Please note that the conveyancers that we on the directory do not pay us fee if you instruct them and are authorised and regulated by the Solicitors Regulation Authority who regulate all conveyancing solicitors in Cyncoed. Using search facility on this site, you can contrast costs for conveyancing solicitors in Cyncoed and beyond.
We own a leasehold flat in Cyncoed. Conveyancing was finished in 21012. I have read on numerous consumer forums that I should not allow the lease length fall too short. Is this correct?
Cyncoed leasehold properties are for a set term - usually 99 years when they commenced. However many flats in Cyncoed were built or converted 35 or more years ago and so these leases now have under eighty years remaining. That may seem like plenty of time however Banks, Building Societies and other mortgage institutions generally need leases to have a minimum of 75 years remaining to be mortgageable. This means that when you come to sell the property you will need a lease extension if you are getting close to seventy five years. To maximise your property value you should be thinking about whether to extend your lease well in advance of selling the property. There are also strong financial reasons to doing so before the lease reaches even eighty years as when the lease falls below 80 years the amount you have to pay to extend starts to escalate.