My wife and I have recently appointed a conveyancing solicitor in Llandaff. I I would like to check whether they are accepted on the Bank of Scotland approved list of lawyers. Can you advise?
The first thing to do is e-mail the solicitor and enquire if they are on the lender panel. Otherwise you can call Bank of Scotland who may be able to assist.
It has been four months since my purchase conveyancing in Llandaff completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Llandaff differ for newly converted properties?
Most buyers of new build residence in Llandaff approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is built. This is because developers in Llandaff typically purchase the land, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Llandaff or who has acted in the same development.
I decided to have a survey carried out on a property in Llandaff ahead of appointing solicitors. I have been told that there is a flying freehold overhang to the house. Our surveyor advised that some banks tend refuse to give a loan on a flying freehold home.
It depends who your proposed lender is. Santander has different requirements for example to Nationwide. If you call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Llandaff. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Llandaff to see if the conveyancing costs will increase in light of this.
I am looking at a two flats in Llandaff both have about forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Llandaff is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of purchasers and banks, leases with under 75 years become less and less marketable. On a more positive 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 Llandaff conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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 bought a studio flat in Llandaff, conveyancing formalities finalised November 2005. How much will my lease extension cost? Corresponding flats in Llandaff with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ceases on 21st October 2085
With just 60 years remaining on your lease the likely cost is going to span between £20,000 and £23,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
I'm selling a flat in Llandaff. I can find my conveyancer's company on the CLC list, but I can't find my lawyer's name as listed on the regulator's website. Is this a big problem?
Not every individual in the practice must be listed by the regulator. Provided there is a manager qualified to 'oversee' the transaction, the actual day-to-day activity can be undertaken by unlicensed staff.