Last November we completed a house move in Llanelli. We have since encountered a number of issues with the house which we believe were overlooked in the conveyancing searches. Is there anything we can do? Can you clarify the type of searches that needed to have been ordered for conveyancing in Llanelli?
The query is not clear as to the nature of the problems and if they are relate to conveyancing in Llanelli. Conveyancing searches and due diligence undertaken during the buying process are carried out to help avoid problems. As part of the legal transfer of property, a seller answers a document called a SPIF. If the information is misleading, you may have a misrepresentation claim against the vendor for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Llanelli.
I had intended to instruct a conveyancing solicitor in Llanelli for our house move. Our financial adviser informed us that our bank Norwich and Peterborough Building Society won't deal with them. Why is this not regarded as unduly restrictive?
Banks ordinarily imposes restrictions either the category or the volume of conveyancing firms on their approved list of lawyers. A common example of such criteria being that a law practice must not be a sole practitioner. In addition to restricting the type of firm, a few lenders have limited the amount of firms they allow to act for them. You should note that Norwich and Peterborough Building Society have no responsibility for the quality of advice provided by any member of Norwich and Peterborough Building Society Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels since 2008 even though there remains differing views regarding the extent of solicitor engagement in some of that fraud. Data from the Land Registry indicate that hundreds of law firms, including some in or near Llanelli only execute one or two conveyances per annum.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a simple, chain free conveyancing. Llanelli is the location of the property. What do you suggest?
Flying freeholds in Llanelli are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Llanelli you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Llanelli 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 property.
Am I best advised to appoint a Llanelli conveyancing practitioner based in the location that I am buying? I have an old university friend who can execute the legal formalities however her office is 200kilometers away.
The benefit of a local Llanelli conveyancing practice is that you can visit the firm to execute documents, hand in your ID and pester them where appropriate. They will also have local insight which is a bonus. However it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and they were happy that should outweigh using an unknown Llanelli conveyancing solicitor solely due to them being round the corner.
I am looking at a couple of flats in Llanelli both have approximately fifty years unexpired on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in Llanelli is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. For most buyers and mortgage companies, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 a residence 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 Llanelli 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 own a 1st floor flat in Llanelli, conveyancing having been completed 9 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Llanelli with an extended lease are worth £181,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease finishes on 21st October 2077
You have 51 years remaining on your lease the likely cost is going to range between £30,400 and £35,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
My solicitors in Llanelli have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with the mortgage company. Is it case that being on the lender conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the bank directly.