Unfortunately I am unable to travel far from Llanelli. Can you please clarify why all Llanelli conveyancers are not on all mortgage company panels?
Lenders highlight the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud every year.The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its conclusions included recommendations for mortgage companies to review their conveyancing panels, which triggered a major policy change in the sector. It led to mortgage companies removing less reputable firms off their books of approved conveyancing practitioners .
Completed the sale of my flat in Llanelli last October yet the purchaser is whats apping daily to moan that their conveyancer needs to hear from mine. What are the post completion sale formalities now that I have sold?
Following your disposal your conveyancer should forward the transfer deeds and all of the paperwork to the purchaser's solicitors. Where appropriate, your conveyancer must also confirm that the mortgage has been paid off to the buyers solicitors. There are no post completion formalities peculiar conveyancing in Llanelli.
Are there restrictive covenants that are commonly identified during conveyancing in Llanelli?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Llanelli. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Just had an offer accepted on a new build flat in Llanelli. Conveyancing is necessary evil 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 few leasehold new build questions that you should expect your new-build leasehold conveyancing in Llanelli
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. 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. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what should have been a quick, no chain conveyancing. Llanelli is where the house is located. Is there any guidance you can give?
Flying freeholds in Llanelli are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Llanelli you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Llanelli may decide 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 property.
If all goes to plan we aim to complete the sale of our £150,000 flat in Llanelli in 8 days. The landlords agents has quoted £336 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Llanelli?
For the majority of leasehold sales in Llanelli conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Completing conveyancing due diligence enquiries
Where consent is required before sale in Llanelli
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Llanelli - A selection of Questions you should consider Prior to Purchasing
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Is there a share of the freehold? Many Llanelli leasehold properties will incur a service bill for the upkeep of the block levied by the management company. Should you buy the property you will have to meet this contribution, usually periodically throughout the year. This may differ from a few hundred pounds to thousands of pounds for blocks with lifts and large common grounds. There will also be a ground rent to be met annual, this is usually not a significant sum, say about £25-£75 but you need to check as on occasion it could be many hundreds of pounds. Please note if it is less than eighty years it will impact the value of the property. Check with your bank that they are happy with residual term of the lease. Leases with fewer than 80 years remaining means that you will probably need a lease extension sooner rather than later and you need to have some idea of how much this would cost. Remember, in most cases you will need to own the residence for 24 months before you are eligible to extend the lease.