My wife and I own a semi-detached Victorian property in Glyn Ceiriog. Conveyancing practitioner represented me and Virgin Money. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold under the matching address. If a house is not a freehold shouldn't I have been informed?
You need to review 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 Glyn Ceiriog and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with your conveyancing practitioner who completed the work.
How does conveyancing in Glyn Ceiriog differ for newly converted properties?
Most buyers of new build or newly converted property in Glyn Ceiriog contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is completed. This is because builders in Glyn Ceiriog usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Glyn Ceiriog or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a simple, no chain conveyancing. Glyn Ceiriog is the location of the property. Can you offer any assistance?
Flying freeholds in Glyn Ceiriog are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Glyn Ceiriog you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Glyn Ceiriog may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I need to find a conveyancing solicitor for my conveyancing in Glyn Ceiriog. I happened to stumble upon a site which appears to be the perfect solution If there is a chance to get all formalities completed via email that would be ideal. Should I be concerned? What are the potential pitfalls?
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?
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £125,000 flat in Glyn Ceiriog next Monday. The managing agents has quoted £396 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Glyn Ceiriog?
For the majority of leasehold sales in Glyn Ceiriog conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Answering pre-exchange enquiries
Where consent is required before sale in Glyn Ceiriog
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I purchased a studio flat in Glyn Ceiriog, conveyancing was carried out 6 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Glyn Ceiriog with an extended lease are worth £192,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease finishes on 21st October 2080
With only 54 years remaining on your lease we estimate the premium for your lease extension to range between £32,300 and £37,400 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.
We are in the middle of purchasing a property in Glyn Ceiriog. Conveyancing solicitor has told us the property is "Leasehold". Does this make a difference on our mortgage valuation?
Glyn Ceiriog conveyancing does not ordinarily involve leasehold houses. The crucial factor here is the length of lease and the ground rent. If it's 999 years with a nominal rent, it's almost the same as freehold, so it shouldn't impact the saleability significantly.
At the other end of the spectrum, if it's, say, fifty five years it is bound to have a significant effect on the saleability, and probably wouldn't be acceptable to the bank. The remaining lease term and ground rent will be set out in the lease to be supplied to your conveyancing practitioner.