It is is a decade since I purchased my property in Penarth. Conveyancing solicitors have recently been instructed on the sale but I can't locate the deeds. Is this a problem?
Don’t worry too much. Firstly the deeds may be kept by your lender or they may stored with the solicitor who oversaw your purchase. Secondly in most cases the land will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers acquiring current official copies of the land registers. Almost all conveyancing in Penarth relates to registered property but in the unlikely event that your property is not registered it adds to the complexity but is not insurmountable.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Penarth?
There are many registered licenced Conveyancers in Penarth and Solicitor practices in Penarth who provide Conveyancing services It is important to make clear that both are regulated professionals specialising in the legal aspects of the home buying process. They may both also conduct other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
I just bought a flat at auction in Penarth. Conveyancing is needed. What happens now?
Now that you have legally bound yourself to purchase you must appoint a conveyancing lawyer as a matter of priority as you will have a fast approaching a fixed date to complete the property. An auction property will have an associated auction pack. This will include most,if not all of the documents that your conveyancer will need. If you have purchased leasehold property the legal pack should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to a leasehold property. You must hand this to your appointed conveyancing solicitor as soon as possible. You also need to ensure that that you have the requisite funding organised to complete the transaction on the set completion date.
Completion of my purchase has taken place for my property in Penarth. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
All banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. We understand that complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
Should my conveyancer be raising enquiries concerning flooding during the conveyancing in Penarth.
Flooding is a growing risk for solicitors conducting conveyancing in Penarth. Plenty of people will acquire a house in Penarth, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, but there are a numerous searches that may be undertaken by the purchaser or on a buyer’s behalf which can figure out the risks in Penarth. The standard completed inquiry forms given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the seller to discover if the premises has suffered from flooding. In the event that the premises has been flooded in past which is not revealed by the vendor, then a buyer could issue a compensation claim stemming from an misleading reply. The purchaser’s solicitors should also conduct an environmental report. This will indicate if there is any known flood risk. If so, additional investigations will need to be made.
Is it possible to transfer to a new conveyancer as I need to instruct one who is on the Bank of Ireland conveyancing list. I had appointed a family conveyancing solicitor in Penarth five minutes from me but he is not accepted by Bank of Ireland
We will our best to assist in finding you a conveyancing solicitor in Penarth on the Bank of Ireland panel. Please note that the law firms that we work with do not pay us commission if you instruct them and are authorised and regulated by the SRA who oversee all conveyancing solicitors in Penarth. In utilising the find a conveyancing solicitor tool on this site, you can compare costs for conveyancing solicitors in Penarth and throughout England and Wales.
I am employed by a long established estate agency in Penarth where we see a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Penarth conveyancing solicitors. Please can you clarify whether the vendor of a flat can instigate 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 commence 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
I inherited a studio flat in Penarth, conveyancing having been completed May 2007. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Penarth with over 90 years remaining are worth £260,000. The ground rent is £50 yearly. The lease ends on 21st October 2100
With 75 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
My conveyancers in Penarth have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with the mortgage company. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the bank directly.