Much to our surprise we have been informed by our mortgage broker that my Penllergaer lawyer is not on the lender Conveyancing panel. How can I be sure that this is correct?
You need to contact your Penllergaer lawyer directly. It is reasonable to expect your lawyer to advise you what has happened. Where they are not on the panel they may recommend you to a Penllergaer conveyancing firm that is on the conveyancing panel for your lender.
My husband and I intend to remortgage our penthouse in Penllergaer with Virgin Money. We have a son 18 who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the apartment is forfeited by the lender. I have two questions (1) Is this document specific to the Virgin Money conveyancing panel as he did not need to sign this form when we remortgaged 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Virgin Money. This is solely used to protect Virgin Money if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Virgin Money had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I used Wolstenholmes a few years past for my conveyancing in Penllergaer. Now, I need my files but the law firm is no longer operating. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Penllergaer of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what should have been a straight forward, no chain conveyancing. Penllergaer is where the house is located. Can you offer any guidance?
Flying freeholds in Penllergaer are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Penllergaer you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Penllergaer may determine 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.
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I am attracted to a couple of apartments in Penllergaer both have in the region of forty five years remaining on the leases. should I be concerned?
There are no two ways about it. A leasehold apartment in Penllergaer is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of purchasers and lenders, leases with under eighty years become less and less attractive. On a more positive 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 a residence 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 Penllergaer conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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 own a leasehold flat in Penllergaer, conveyancing was carried out in 1999. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Penllergaer with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease finishes on 21st October 2078
With only 53 years left to run the likely cost is going to span between £27,600 and £31,800 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive 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 clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.