I have given 8 weeks notice to my current landlord and must leave my rented apartment in Llanwrtyd Wells by the end of next month. Conveyancing for my house purchase is underway. How realistic is it to complete in 5 weeks as I wish to avoid having to move into short term accommodation?
It is unwise to serve notice for your lease unless exchange of contracts has taken place. Assuming that you have not already done so, contact to your conveyancer and request that they seek the assistance the other lawyers, try to get a realistic time scale from them that all parties will look towards
After scouring consumer advice sites for a conveyancing solicitor in Llanwrtyd Wells, many post that I must instruct a CQS assured lawyer. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in home moving process, trusted by some of the UK's leading mortgage companies. Four years ago the Conveyancing Quality Scheme was officially recognised by the Legal Ombudsman. CQS is not a scheme offered by the Society for Licensed Conveyancers. Llanwrtyd Wells is one of the numerous areas in England and Wales where there are CQS lawyers.
I have paid off my mortgage with TSB. I assume I don't need a Llanwrtyd Wells property lawyer on the TSB panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your TSB mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the TSB mortgage from the register. TSB, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where TSB has sent the Land Registry the discharge electronically, and
- TSB has instructed the Land Registry to do so
I am currently in the process of buying my council flat in Llanwrtyd Wells. I have a mortgage offer with Virgin Money. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Virgin Money, you will need to appoint a solicitor on the Virgin Money conveyancing panel.
Lloyds have agreed my mortgage in principle, my offer on a house in Llanwrtyd Wells has been accepted, what happens next?
Your estate agent will want to know who your solicitors are (ensure that the property lawyers are on the bank’s approved list). Contact Lloyds or your broker and finalise any appropriate paperwork. Lloyds will instruct a valuer who will get in contact with the estate agent or seller to arrange a time for the valuation to occur. Once conducted (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Lloyds will issue the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Llanwrtyd Wells.
I have a renovated Victorian property in Llanwrtyd Wells. Conveyancing solicitor represented me and Virgin Money. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, the second leasehold under the matching address. I thought I was buying a freehold how can I check?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Llanwrtyd Wells and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with your conveyancing practitioner who carried out the work.
In scouring the internet for the words cheap conveyancing in Llanwrtyd Wells it brings up numerous conveyancersin the area. With so much choice what is the best way to find the right conveyancing solicitor for purchase transaction?
The ideal way of seeking the right conveyancer is through a personal recommendation, so ask friends and relatives who have purchased a property in Llanwrtyd Wells or a local estate agent or mortgage broker. Costs for conveyancing in Llanwrtyd Wells differ, so it's advisable to request a minimum of three fee estimates from different law firms. Make sure that you know that the costs are guaranteed not to to be inflated.
I am a negotiator for a busy estate agency in Llanwrtyd Wells where we have experienced a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Llanwrtyd Wells conveyancing firms. Please can you shed some light as to whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer 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 simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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 buyer.
I own a basement flat in Llanwrtyd Wells, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Llanwrtyd Wells with a long lease are worth £190,000. The ground rent is £45 invoiced every year. The lease finishes on 21st October 2087
With only 62 years remaining on your lease the likely cost is going to be between £17,100 and £19,800 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 advice on the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.