Due to move into my new home in Radyr next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What risks does the bank expect the insurance to cover?
Any lawyer on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These requirements are not specific to conveyancing in Radyr.
When it comes to mortgage companies such as Barclays, do Radyr conveyancing practitioners have to pay an annual charge to be on the conveyancing panel?
We are unaware of any bank fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I recently had an offer accepted on a house in Radyr. My financial adviser suggested a property lawyer. I paid an on account payment of £150. Not long after, the lawyer contacted me embarrassingly acknowledging that they were not on the HSBC conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the HSBC panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
At last I have had an offer on a flat in Radyr accepted, the vendors do nevertheless have an associated purchase. The owners have offered on somewhere, however it’s not yet agreed to, and are looking at other properties booked. I have chosen a nearby conveyancing solicitor in Radyr. What do I do now? At what stage do I apply for the mortgage with UBS?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur costs too early (mortgage application is approx one thousand pounds, then valuation, Radyr conveyancing search costs, etc). The first course of action is to ensure that your conveyancing practitioner is on the UBS conveyancing panel. Regarding the next phase this very much dictated by the circumstances of your transaction, desire for the property and on the state of the market. In a buoyant market some purchasers would apply for the mortgage with UBS and pay for the valuation and only if it was satisfactory would they request their lawyer to proceed with the conveyancing in Radyr.
We are downsizing from our home in Radyr and according to the buyers it appears that there is a risk of it being built on contaminated land. A high street Radyr lawyer would know that there is no such problem. It does beg the question why the purchasers are using a national conveyancing firm as opposed to a conveyancing solicitor in Radyr. Having lived in Radyr for 4 years we know of no issue. Do we contact our local Authority to obtain confirmation that there is no issue.
It would appear that you have a conveyancing lawyer already. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
How does conveyancing in Radyr differ for newly converted properties?
Most buyers of new build property in Radyr contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is ready to move into. This is because developers in Radyr usually acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Radyr or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Radyr before retaining conveyancers. I have been advised that there is a flying freehold overhang to the property. My surveyor advised that some lenders will not grant a loan on this type of home.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Radyr. Conveyancing will be smoother if you use a solicitor in Radyr especially if they are acquainted with such properties in Radyr.
I am employed by a busy estate agent office in Radyr where we have experienced a few flat sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Radyr conveyancing firms. Can you shed some light as to whether the seller 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means 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 before, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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.
Leasehold Conveyancing in Radyr - A selection of Questions you should consider Prior to buying
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The best form of lease arrangement is a share of the freehold. In this arrangement the tenants benefit from control and although a managing agent is frequently retained if it is larger than a house conversion, the managing agent is directed by the tenants. Are any of leasehold owners in dispute over their service charge liability? Who takes charge for maintaining and repairing the building?