I have given 2 months notice to my current landlord and have to vacate my let out property in Llanrhystud by the end of next month. Conveyancing for my house purchase is progressing. How realistic is it to complete in three weeks as don't want to have to find temporary accommodation?
It is unwise to provide notice on a rental unless you have exchanged. If you have not already done so, contact to your lawyer and request that they apply pressure on the sellers solicitors, try to get a realistic time scale from them that everyone will aim towards
It is 10 years ago since I acquired my house in Llanrhystud. Conveyancing solicitors have just been appointed on the sale but I am unable to find the deeds. Is this a major issue?
You need not be too concerned. Firstly the deeds may be kept by the lender or they may be in the possession of the conveyancers who oversaw your purchase. Secondly in all probability the title will be registered at the land registry and you will be able to prove you own the property by your conveyancing solicitors procuring current official copies of the land registers. Nearly all conveyancing in Llanrhystud involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is not insurmountable.
I am purchasing a new build flat in Llanrhystud. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Llanrhystud you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Llanrhystud.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Llanrhystud is the location of the property. What do you suggest?
Flying freeholds in Llanrhystud 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 Llanrhystud you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Llanrhystud 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 was pointed in your direction by two or three local estate agents in Llanrhystud to get a quote from a property lawyer on your site. Is there a financial incentive for Estate Agents to offer your services over alternative conveyancing organisations?
We refuse to offer any commission for directing people in our direction. We thought it would be too underhand to pay a commission because a client could think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
I am a negotiator for a reputable estate agency in Llanrhystud where we have witnessed a few flat sales put at risk as a result of short leases. I have been given conflicting advice from local Llanrhystud conveyancing firms. Please can you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I am the registered owner of a ground floor flat in Llanrhystud, conveyancing was carried out half a dozen 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? Comparable flats in Llanrhystud with an extended lease are worth £260,000. The ground rent is £45 charged once a year. The lease terminates on 21st October 2100
With 74 years left to run we estimate the price of your lease extension to range between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.