It is 10 years ago since I bought my home in Neath. Conveyancing solicitors have now been appointed on the sale but I am unable to locate the title deeds. Is this a major issue?
You need not be too concerned. First the deeds may be retained by your lender or they may be archived with the lawyers who oversaw your purchase. Secondly the likelihood is that the land will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing solicitors procuring current official copies of the land registers. The vast majority of conveyancing in Neath involves registered property but in the unlikely event that your home is not registered it adds to the complexity but is resolvable.
How do I find out if the solicitor handling my conveyancing in Neath is on the lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Barclays Direct thus spending £187.00 plus VAT in additional legal fees.
Please do take advantage of the find a lender approved solicitor tool on this site. Pick the lender and type ‘Neath’ or your location and you will see numerous solicitors offices in Neath or nearest you.
Over the last few months I have been searching for a flat up to £235,500 and found one round the corner in Neath I like with open areas and railway links in the vicinity, the downside is that it's only got 52 remaining years left on the lease. I can't really find anything else in Neath suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage the shortness of the lease will be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
I have been pointed in your direction by numerous estate agents in Neath to find a solicitor using your seach tool. Is there a financial upside for Estate Agents to offer your site rather than another?
We don’t offer any referral fee for sending work in our direction. We thought it would be too underhand to pay a commission because home movers will think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
Am I best advised to choose a Neath conveyancing practitioner in close proximity to the house I am purchasing? An old friend can conduct the legal formalities however his firm is located 200miles away.
The benefit of a local Neath conveyancing firm is that you can drop in to execute documents, deliver your ID and apply pressure on them if necessary. Having local Neath know how is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If you know people who instructed your friend and on the whole were impressed that must surpass using an unfamiliar Neath conveyancing lawyer just because they are Neath based.
I am looking at a two flats in Neath both have in the region of fifty years left on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Neath is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of purchasers and lenders, leases with under 75 years become less and less attractive. 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 premises 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 Neath conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 the agreed 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 inherited a 1 bedroom flat in Neath, conveyancing was carried out June 2007. How much will my lease extension cost? Corresponding properties in Neath with over 90 years remaining are worth £180,000. The ground rent is £65 invoiced annually. The lease expires on 21st October 2085
With only 59 years left to run we estimate the price of your lease extension to span between £20,900 and £24,200 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.