We are a couple about to exchange contracts for a leasehold flat in Risca. We encountered a problem. Our mortgage offer with Godiva Mortgages Ltd runs out on 13/7/2026 but the owners are suggesting a completion date of 15/7/2026. Is it possible to extend the loan expiry date?
The person best placed to address this issue is your solicitors who should determine if they corresponding with the bank, owner’s representatives, property agents or possibly all three based on what has happend in your conveyancing as of today.
Why do I have to pay up front for my conveyancing in Risca?
Where you are retaining lawyers for conveyancing in Risca your lawyer will request that you put them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. If any deposit is as part of the sale price then this will be required shortly in advance of exchange of contracts. Any further balance that is due should be transferred a couple of days prior to the day of completion.
I need some expedited conveyancing in Risca as I have a deadline to sign on the dotted line within one month. Luckily I do not need a mortgage. Is it possible to avoid the conveyancing searches to save money and time?
As you are not obtaining a mortgage you are at liberty not to do searches although no law firm would suggest that you don't. Drawing on years of experience of conveyancing in Risca the following are examples of issues that can show up and therefore impact market value: Refused Planning Applications, Outstanding Charges, Overdue Grants, Railway Schemes,...
Just had an offer accepted on a new build apartment in Risca. Conveyancing is a frightening process 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.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Risca
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please confirm the Lease plans are surveyor prepared. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I work for a reputable estate agency in Risca where we have experienced a few leasehold sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Risca conveyancing solicitors. Can you confirm whether the seller of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with 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.
Risca Leasehold Conveyancing - Examples of Queries before buying
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Are there any major works anticipated that could add a premium to the service costs? The prefered form of lease structure is a share of the freehold. In this situation the leaseholders have being in charge if their destiny and notwithstanding that a managing agent is frequently retained where it is larger than a house conversion, the managing agent employed by the leaseholders.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the mortgage company conveyancing panel. My lawyer has said that they are on the mortgage company approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the bank conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the bank solicitor panel.