Am I correct in assuming that the fact that my solicitor in Pentyrch is not on my bank's conveyancing panel that there is a problem with the quality of the firm’s conveyancing?
That is most likely an incorrect assumption to make. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should contact the Pentyrch conveyancing practice and enquire why they are no longer on the approved list for your bank.
Do lenders provide you with an approved list of Pentyrch conveyancing solicitors? How do you know who is on the Leeds Building Society conveyancing panel?
Pentyrch conveyancing firms themselves provide us confirmation that they are on the Leeds Building Society conveyancing panel as opposed to being supplied with a list from Leeds Building Society directly.
Just had an offer accepted on a new build apartment in Pentyrch. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Pentyrch
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. There must be mutual enforceability of lessee’s covenants. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I am looking for a ground for flat up to £245,000 and identified one near me in Pentyrch I like with open areas and railway links nearby, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Pentyrch suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a home loan the shortness of the lease may be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
My business partner and I are looking to take over a lease of an office on the high street. Can you recommend lawyers offering fixed charges for commercial conveyancing in Pentyrch for less than £2000?
We can recommend firms who host a wealth of experience of commercial conveyancing in Pentyrch, including the sale and purchase of businesses as well as simply premises. If you are intending to acquire or lease a shop, pub, restaurant, office, retail unit or a whole business we can put you in touch with the right solicitor. Regarding the costs this will depend on the structure and heads of terms of the proposed transaction. Let us have your details or phone us so that we may furnish you with a detailed commercial conveyancing calculation.
I am a negotiator for a busy estate agent office in Pentyrch where we have experienced a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Pentyrch conveyancing firms. Can you confirm whether the seller of a flat can start the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start 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 sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as 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 bought a 1st floor flat in Pentyrch, conveyancing formalities finalised February 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Pentyrch with a long lease are worth £179,000. The ground rent is £65 invoiced annually. The lease expires on 21st October 2081
With only 57 years left to run we estimate the premium for your lease extension to span between £26,600 and £30,800 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.