Am I correct in assuming that the fact that my conveyancer in Risca is not identified on my lender's conveyancing panel that there is a problem with the quality of the firm’s work?
That would most likely be an incorrect assumption to make. There are plenty of reasonable explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the solicitor 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 simply call the Risca conveyancing practice and enquire why they are no longer on the approved list for your mortgage company.
I am the registered owner of a freehold house in Risca but still pay rent, why is this and what is this?
It is rare for properties in Risca and has limited impact for conveyancing in Risca but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
My grandmother passed away 10 months ago and as sole heir and executor I was left the house in Risca. The house had a relatively small loan left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Lloyds, pay off the mortgage. Is this allowed?
Where you plan to refinance then Lloyds will require that you use a conveyancer on the Lloyds conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Lloyds conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Lloyds mortgage is registered as a charge at the Land Registry.
I am looking into buying my first house which is in Risca and I am already nervous. I couldn't find anything specific about Risca. Conveyancing will be needed in due course but do you know about the Risca area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Risca. In the meantime here are some basic statistics that we found
I work for a reputable estate agency in Risca where we have experienced a number of flat sales jeopardised due to short leases. I have received inconsistent advice from local Risca conveyancing firms. Could you confirm whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that 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 can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
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 Risca - Examples of Queries Prior to buying
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Does this lease have more than 85 years unexpired? Are any of leasehold owners in arrears of their service charge payments? This question is useful as a) areas could result in problems for the block as the communal areas may begin to deteriorate where maintenance are not paid for b) if the leasehold owners have an issue with the running of the building you will need to have complete disclosure
How do I search for a Risca conveyancing solicitor on the mortgage company conveyancing panel? I have a car and am prepared to travel up to twentykilometers to attend the conveyancer.
You can use the find a conveyancing panel search on this website. Please choose the lender and your location, in this case Risca and you will see a number of lawyer located nearest Risca. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the mortgage company solicitor panel.