Our lawyer has identified a a problem with the lease for the flat we are buying in Pentyrch. The other side have put forward title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that he must ensure that the bank is happy with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the lender are the client. These conveyancing instructions must be adhered to.
This question may be naive but I am wet behind the ears as a first time purchaser of a garden flat in Pentyrch. Do I pick up the keys to the premises on completion from my lawyer? If this is the case, I will appoint a local conveyancing solicitor in Pentyrch?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will transfer the purchase money to the vendor’s conveyancers, and shortly after the monies have arrived, you should be able to receive the keys from the Estate Agents and move into your new home. This tends to happen early afternoon.
My stepmother advised me that in buying a property in Pentyrch there may be a number of restrictions preventing external alterations to a property. Is this right?
We are aware of a number of properties in Pentyrch which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Pentyrch should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We have agreed to purchase a house in Pentyrch. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender UBS be concerned?
As your lender is UBS your lawyer must follow the formal instructions contained in Section two of UK Finance Lenders’ Handbook for UBS. The CML Handbook includes minimum requirements for solar panel roof-space leases, and conveyancers are required to report to UBS where a lease does not meet these conditions. The conditions relate to the installation of panels on properties nationwide and is not restricted to Pentyrch.
What will a local search reveal concerning the house we're purchasing in Pentyrch?
Pentyrch conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search organisations such as Xpress Legal The local search is essential in every Pentyrch conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your property. The search will supply data on, amongst other things, details on planning applications relevant 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 thirteen topic sections.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Pentyrch?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Pentyrch. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am hoping to complete next month on a leasehold property in Pentyrch. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Pentyrch should include some of the following:
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Information as to the provision in the lease to pay service charges - in relation to the building, and the wider rights a lessee has What options are open to you if an adjoining owner breaches a clause of their lease? What the implications are if you are in breach of your lease terms? Does the lease require carpeting throughout thus preventing wood flooring?
Leasehold Conveyancing in Pentyrch - Sample of Queries Prior to Purchasing
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Its a good idea to discover as much as possible about the company managing the building as they will either make your life much easier or uncomfortable. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to daily issues like the tidiness of the communal areas. You should not be shy to ask other people what they think of their management. Finally, be sure you discover the dates that you are obliged pay the maintenance charge to the managing agents and precisely what it includes. How much is the ground rent and service charge? Where a Pentyrch lease has fewer than eighty years it will impact the value of the flat. It is worth checking with your lender that they are happy with residual term of the lease. A short lease means that you will probably have to extend the lease sooner rather than later and you need to have some idea of what this will be. For most Pentyrchlease extensions you will be required to have owned the property for a couple of years in order to be eligible to extend the lease.
We are midway through buying a property in Pentyrch. Conveyancing lawyer has phoned to say the title is "Leasehold". Does this adversely affect the marketability of the house?
Pentyrch conveyancing does not usually involve leasehold houses. The crucial consideration here is the length of lease and the ground rent. If it's 999 years with a peppercorn rent, it's virtually freehold, so it’s unlikely to impact the saleability too much.
At the other end of the spectrum, if it's, say, Sixty years it will have a adverse effect on the value, and probably wouldn't be acceptable to the lender. The remaining lease term and ground rent will be set out in the lease to be supplied to your conveyancer.