Me and my partner are due to complete on the purchase of a house in Penarth but as a consequence of wreckage from some water damage at the property I have was able negotiate compensation from the seller in the sum of three thousand pounds by way of a deduction in the price. I had intended this to be addressed as part of the conveyancing process yet TSB will not permit this. Why were they approached?
Any property lawyer that is on a TSB conveyancing panel is duty bound to disclose to TSB of any variations to the sale price. If you were to refuse your lawyer to report the price change to TSB then they would have to discontinue acting for you. In addition, TSB and you would have to appoint a new solicitor for your conveyancing in Penarth.
What does a local search tell me about the house I am purchasing in Penarth?
Penarth conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search organisations such as Onsearch The local search is essential in every Penarth conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your new home. The search should reveal information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what should have been a simple, chain free conveyancing. Penarth is where the house is located. Can you shed any light on this issue?
Flying freeholds in Penarth are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Penarth you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Penarth may ascertain 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.
How does the Landlord & Tenant Act 1954 impact my commercial property in Penarth and how can your lawyers assist?
The 1954 Act provides protection to business lessees, giving them the a statutory right to apply to court for a renewal tenancy and continue in occupation at the end of an expired lease. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Penarth is one of our many locations in which the firms we work with are based
What advice can you give us when it comes to choosing a Penarth conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Penarth conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Penarth conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be useful:
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What are the costs for lease extension work?
Penarth Leasehold Conveyancing - Sample of Questions you should ask before buying
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Is the freehold reversion owned jointly by the leaseholders? Please note that where the lease has fewer than 80 years it will impact the marketability of the flat. Check with your lender that they are content with residual term of the lease. Leases with less than 80 years remaining means that you will probably require a lease extension at some point and you need to have some idea of what this would cost. For most Penarthlease extensions you will be required to have been the owner of the premises for two years before you are legally able to extend the lease. Best to be warned if a new roof is being installed or some other major work is due shortly to be shared by the leaseholders and may well materially increase the the maintenance costs or result in a specific payment.
Why do Penarth conveyancing costs are more expensive for leasehold and freehold properties?
There is always more work required for leasehold conveyancing. Penarth has many leasehold properties. There is more time involved in the purchase: for example, the lease and leasehold information (including current service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.