I can't travel far from Llandaff. Is there a reason why all Llandaff lawyers aren't automatically on all lender panels?
Even though it may seem unfair for mortgage companies to restrict who can represent them, from the public’s or solicitor’s standpoint, the the contrary view is that lending institutions are increasingly anxious and feel it crucial to protect them from illegal activities. As a result of this concern mortgage companies have consolidated their conveyancing panel to a manageable size.
My wife and I are due to complete on the purchase of a property in Llandaff but as a result of damage from the recent storms I have managed to agree compensation from the owner in the sum of £3k taking the form of a deduction in the price. This was going to be addressed as part of amending the contract however Yorkshire BS will not agree to this. Why were they involved?
Your conveyancer that is on the Yorkshire BS approved list is required to inform Yorkshire BS of any changes to the purchase price. If you were to refuse your solicitor to disclose the reduction to Yorkshire BS then they would have to discontinue acting for you. In addition, Yorkshire BS and you would have to appoint a new conveyancer for your conveyancing in Llandaff.
I own a freehold property in Llandaff yet pay rent, why is this and what is this?
It is rare for properties in Llandaff and has limited impact for conveyancing in Llandaff but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
We previously instructed conveyancers located in Llandaff on the Kent Reliance solicitor panel. They have just billed me a separate fee for handling the Kent Reliance mortgage. Is this an additional conveyancing fee specified by Kent Reliance?
As unfair as it may appear, as long as it’s in their Terms and Conditions or estimate then yes your property lawyer may levy a fee for this. This charge is not dictated by Kent Reliance but by your Llandaff conveyancer. Plenty of firms on the Kent Reliance panel will levy an ‘acting for lender’ fee but some firms incorporate it on their overall fee.
We are getting the release of further monies on our mortgage from UBS as we want to conduct a loft conversion to our home in Llandaff. Do we need to appoint a high street Llandaff solicitor on the UBS conveyancing panel to handle the paperwork?
UBS don't usually instruct firms on their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the UBS panel.
My offer on a semi in Llandaff has been accepted, the owners do however have a dependent purchase. The sellers have placed an offer on somewhere, however it’s not yet tied up, and have viewings of other apartments booked. I have chosen a nearby conveyancing solicitor in Llandaff. What do I do now? When do I get the mortgage application with HSBC going?
It is normal to have apprehensions where there is a chain as you are unlikely to want to incur costs too early (mortgage application is in the region of one thousand pounds, then valuation, Llandaff conveyancing search fees, etc). First, you must ensure that your conveyancer is on the HSBC approved list. Regarding the next phase this very much depends on the specifics of your transaction, motivation for the property and on the state of the market. During a rising market many buyers will apply for a home loan with HSBC and arrange for the valuation and only if it comes back ok would they request their property lawyer to press on with the conveyancing in Llandaff.
Various internet forums that I have visited warn that are a common cause of hinderance in Llandaff conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances during the legal transfer of property. Local searches are not likely to feature in any delay in conveyancing in Llandaff.
Are there frequently found defects that you see in leases for Llandaff properties?
There is nothing unique about leasehold conveyancing in Llandaff. Most leases are unique and drafting errors can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
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A provision to repair to or maintain elements of the building
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Skipton Building Society, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I invested in buying a 2 bed flat in Llandaff, conveyancing was carried out in 2011. How much will my lease extension cost? Equivalent properties in Llandaff with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ends on 21st October 2090
You have 65 years left to run we estimate the price of your lease extension to be between £13,300 and £15,400 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.