Finally the sale completed on my house in Pencoed last January yet the purchaser is SMS messaging me to moan that their conveyancer needs to hear from mine. What are the post completion sale legalities following completion?
Post completion of your house sale your solicitor should send the transfer documentation and all of the paperwork to the purchaser's conveyancer. If applicable, your conveyancer must also evidence that the home loan has been redeemed to the buyers lawyers. There is unlikely to be post completion formalities just for conveyancing in Pencoed.
We previously selected conveyancers based in Pencoed on the Principality solicitor approved list. They are now charging me a separate amount for dealing with the Principality mortgage. Is this a supplemental conveyancing fee set by Principality?
Provided it is contained in their Terms of Engagement or estimate then yes your property lawyer is entitled to levy a fee for this. The fee is not set by Principality but by your Pencoed solicitor. Plenty of firms on the Principality panel will quote an ‘acting for lender’ fee but many practices incorporate it on their overall fee.
Last month we had a mortgage agreed in principle with Aldermore. Pencoed conveyancing solicitors are appointed. What is the average time that one could expect to receive a mortgage offer from Aldermore?
There is no definitive answer here. Have Aldermore completed the survey? Have you informed Aldermore as to your lawyers' details and checked that your lawyers are on the Aldermore conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
My sealed bid on a house in Pencoed has been agreed to, but there is a chain. The vendors have offered on on an apartment, however it’s not yet agreed to, and have viewings of other flats in the pipeline. I have chosen a high street conveyancing solicitor in Pencoed. What should be my next step? When should I get the mortgage application with Kent Reliance started?
It is normal to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of £1k, then valuation, Pencoed conveyancing search costs, etc). The first course of action is to check that your lawyer is on the Kent Reliance conveyancing panel. Concerning the subsequent phase this very much depends on the specifics of your case, motivation for the property and on the state of the market. In a rising market many purchasers would apply for a home loan with Kent Reliance and arrange for the valuation and only if it comes back ok would they ask their conveyancer to press on with the conveyancing in Pencoed.
It has been 4 months following my purchase conveyancing in Pencoed took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a leasehold apartment up to £305k and found one close by in Pencoed I like with open areas and transport links nearby, however it's only got 52 remaining years left on the lease. There is not much else in Pencoed suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan the shortness of the lease will be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
Can you offer any advice when it comes to finding a Pencoed conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Pencoed conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Pencoed conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be of use:
-
How familiar is the firm with lease extension legislation? Can they put you in touch with clients in Pencoed who can give a testimonial?
I am the registered owner of a 2 bed flat in Pencoed, conveyancing was carried out in 2003. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Pencoed with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 yearly. The lease ceases on 21st October 2091
With just 66 years left to run we estimate the price of your lease extension to be between £11,400 and £13,200 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure 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 additional concerns 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 without first getting professional advice.
Builders have recommended to me a conveyancing practitioner and I've received a quote from them. They are nearly £250 cheaper than my own Pencoed solicitor. Should I use them?
Developers frequently have lists of lawyers who expedite matters and who know the builder's paperwork and solicitor. As many developers offer an incentive to select a preferred solicitor for this reason, any increased cost can be avoided and a developer will not suggest a conveyancing warehouse and run the risk of having the conveyancing delayed when they want exchange inside a month. The argument for not opting for the recommended conveyancing practitioner is that they may be reluctant to fight for your interests at the risk of alienating the housebuilder. If you worry that this may be the case you should stick with your local Pencoed conveyancing practitioner.