As I am unsure how the conveyancing process works what is the most important piece of guidance you can give me about purchase conveyancing in Rhayader?
You may not hear this from too many lawyers but conveyancing in Rhayader and elsewhere in England and Wales is often a confrontational experience. In other words, when it comes to conveyancing there exists an abundance of opportunity for confrontation between you and others involved in the ownership transfer. For example, the vendor, estate agent and sometimes a bank. Appointing a lawyer for your conveyancing in Rhayader should not be taken lightly as your conveyancer is your adviser, and is the SOLE person in the transaction whose role it is to protect your legal interests and to keep you safe.
On occasion a third party with a vested interest will attempt to sway you that it is in your interests to do things their way. For instance, the property agent may claim to be assisting by claiming that your conveyancer is slow. Or your financial adviser may try to convince you to do take action that is against your conveyancers guidance. You should always trust your lawyer above all other parties in the conveyancing process.
is it true that all Rhayader conveyancing solicitors on the Virgin Money conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Virgin Money approved list of solicitors they would need to be governed by the SRA. The majority of banks do list licenced conveyancers on their panel in which case such firms would be governed by the Council of Licensed Conveyancers.
TSB have agreed my home loan in principle, my offer on a flat in Rhayader has been agreed to, what are the next steps?
The property agent will want to know who your solicitors are (be sure the conveyancers are on the bank’s panel). Contact TSB or the broker and complete any relevant paperwork. TSB will instruct a valuer who will get in contact with the selling agent or seller to arrange an appointment. Once conducted (assuming no problems) it takes on average ten days for the mortgage offer to be issued. TSB will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Rhayader.
My sealed bid on a house in Rhayader has been accepted, but there is a chain. The sellers have placed an offer on somewhere, but it’s not yet agreed to, and are looking at other properties booked. I have chosen a local conveyancing solicitor in Rhayader. What should be my next step? At what point should I apply for the mortgage with Kent Reliance?
It is usual to have apprehensions where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is approx £1k, then survey, Rhayader conveyancing search costs, etc). The first course of action is to ensure that your conveyancer is on the Kent Reliance conveyancing panel. Regarding the subsequent phase this very much depends on the circumstances of your transaction, desire for the property and on the state of the market. During a rising market many purchasers would apply for a home loan with Kent Reliance and pay for the valuation and only if it was satisfactory would they request their conveyancing practitioner to press on with searches.
I am downsizing from our property in Rhayader and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. Any high street Rhayader lawyer would know that there is no such problem. It does beg the question why the purchasers instructed an internet conveyancing practice rather than a conveyancing solicitor in Rhayader. Having lived in Rhayader for 4 years we know of no issue. Do we get in touch with our local Authority to get confirmation that the buyers are looking for.
It would appear that you have a conveyancing firm currently acting for you. Are they able to advise? You need to check with 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 life insurance to cover that same ailment)
Me and my brother have a 4 bedroom Georgian property in Rhayader. Conveyancing practitioner represented me and National Westminster Bank. I did a free Land Registry search last week and there are two entries: one for freehold, the second leasehold under the exact same property. Is it worth asking National Westminster Bank to clarify?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Rhayader and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with the conveyancing solicitor who conducted the purchase.
I opted to have a survey carried out on a property in Rhayader before instructing solicitors. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some lenders tend refuse to grant a loan on this type of premises.
It varies from the lender to lender. Santander has different requirements for example to Nationwide. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Rhayader. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Rhayader to see if the conveyancing will be more expensive.
We own a leasehold flat in Rhayader. Conveyancing was finalised in 2011. I have been told that I mustn’t let the lease length get too short. Is this right?
Rhayader domestic long term leases are for a prescribed period - usually ninety nine years when they commenced. However many flats in Rhayader were built or converted in the 60’s and so these leases now have fewer than 80 years remaining. That may seem like plenty of time however Banks, Building Societies and other mortgage institutions tend to require leases to have at least seventy five years remaining to adequate security. This means that when you come to sell the property you will need to extend the term of your lease if you are getting close to eighty years. To enhance the saleability of your property you should be considering whether or not to extend your lease long before you come to sell it. Furthermore significant benefits to doing so before the lease hits 80 years as when the lease is less than 80 years the premium you have to pay to extend starts to increase.