My wife and I are purchasing a brand new flat in Llanybydder and my conveyancer is telling me that she has to the bank to disclose incentives from the seller. I am on a tight deadline to exchange and I have no desire to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Is it necessary to take out insurance to address the risk of chancel repairs when purchasing a property in Llanybydder?
Unless a prior acquisition of the house completed post 12 October 2013 you could expect lawyers carrying out conveyancing in Llanybydder to continue to advocate a chancel search and or chancel repair liability policy.
I moved into my house on 11 September and my personal details are still not on the land registry website. Need I be worried? My conveyancing solicitor in Llanybydder expressed confidence that it will be formalised in less than a month. Are transfers in Llanybydder particularly slow to register?
As far as conveyancing in Llanybydder is concerned, registration is no faster or slower than anywhere else in England and Wales. As opposed to being determined by geographic area, timescales can differ according to who lodges the application, whether it is in order and whether the Land registry need to notify any third persons or bodies. At present roughly 80% of submission are fully addressed in less than three weeks but occasionally there can be extensive delays. Historically registration occurs once the buyer is living at the property thus 'speed' is not usually an essential issue yet where it is urgent that the the registration takes place urgently then you or your lawyers can communicate with the Registry to express the reasoning for an expedited registration.
Over the last few months I have been searching for a ground for flat up to £305k and identified one round the corner in Llanybydder I like with a park and railway links nearby, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Llanybydder for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage that many years may be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
In relation to leasehold conveyancing in Llanybydder what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Llanybydder. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
-
A provision for the recovery of money spent for the benefit of another party.
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Leeds Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.
I inherited a leasehold flat in Llanybydder, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Llanybydder with over 90 years remaining are worth £227,000. The ground rent is £50 invoiced annually. The lease terminates on 21st October 2097
You have 72 years remaining on your lease we estimate the price of your lease extension to range between £9,500 and £11,000 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
I have today placed an offer on an apartment in Llanybydder and the estate agent that we are dealing with suggested his lawyer. She quoted nine hundred pounds plus VAT and disbursements. Does this sound expensive?
Don't just go on one estimate. You should obtain like-for-like quotes for your conveyancing in Llanybydder. Then choose one that you trust and crucially, is on the approved list of the bank that you have applied for a mortgage from.