I am expecting a mortgage with Nat West. I hope to instruct a Licensed Conveyancer in Llanrumney. Does the Nat West Solicitor panel allow for Licensed Conveyancers?
The Nat West approved solicitor list is, like many other lenders, associated to the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
The owners have very brash sellers who has recommended a lock out agreement with a payment of 5k. Is it wise to enter into such agreements?
This kind of contract is not the norm in Llanrumney, conveyancers are often inclined to veer clients away from them as they divert attention from the main conveyancing focus and if you end up having your deposit forfeited then the solicitor is left exposed. Secondly, there is no certainty that just because the vendor has entered into an exclusivity contract they will complete the sale with you. They may breach the contract if they receive sufficient incentive to do so because an aggrieved party with the benefit of a lockoutcontract will still have to establish consequential losses from the breach and this may not equate the extra amount that your seller may secure by breaching the contract, however morally condemnable it undoubtedly is.
When does exchange of contracts occur in purchase conveyancing in Llanrumney and do I need to attend the conveyancers office?
If you are in close proximity to our conveyancing solicitors in Llanrumney you are welcome to come in to sign documents. That being said, the lender approved solicitors we work with offer countrywide coverage for conveyancing and provide just as diligent and professional a job for you when dealing with you digitally. The executing of the property agreement is not when everything is set in stone. A signed contract is just a prerequisite for the solicitor to officially exchange when the time is right, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Llanrumney)to be in the office available at the end of the phone to exchange contracts.
I am selling our home in Llanrumney and according to the buyers it appears that there is a possibility that the property was built on contaminated land. A local conveyancer would know that there is no such problem. It does beg the question why the buyers are using a web based conveyancing firm as opposed to a conveyancing solicitor in Llanrumney. Having lived in Llanrumney for many years we know of no issue. Is it a good idea to get in touch with our local Authority to obtain clarification that the buyers are looking for.
It would appear that you have a conveyancing firm currently acting for you. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one close by in Llanrumney I like with open areas and railway links in the vicinity, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Llanrumney for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage that many years may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
I have just started marketing my garden apartment in Llanrumney. Conveyancing is yet to be initiated, but I have just had a half-yearly service charge demand – should I leave it to the buyer to sort out?
It best that you pay the service charge as normal because all ground rent and service invoices will be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Leasehold Conveyancing in Llanrumney - A selection of Queries Prior to Purchasing
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It would be prudent to find out as much as you can concerning the company managing the block as they will either make living at the property much simpler or problematic. As the proprietor of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to day to day issues like the upkeep of the communal areas. Don't be afraid to ask other tenants what they think of their service. On a final note, be sure you discover the dates that the service charges are due to the appropriate party and precisely what you get for your money. Does the lease have onerous restrictions? Many Llanrumney leasehold flats will have a service bill for the upkeep of the block set by the landlord. If you purchase the apartment you will have to meet this amount, normally periodically accross the year. This may be anything from a couple of hundred pounds to thousands of pounds for blocks with lifts and large communal areas. In all probability there will be a ground rent to be met yearly, this is usually not a large amount, say approximately £25-£75 but you need to enquire as occasionally it could be prohibitively expensive.