I am in a contract race with another buyer for a property in St Fagans. What can I do to expedite the conveyancing process?
In the event that you are under pressure for your conveyancing it is advisable to make sure that your conveyancer is familiar with the area as they will benefit local contacts and intelligence. It is possible that they could have handled previoushomes in the same road. You would be best advised to use a St Fagans conveyancing solicitor. In addition, double check that the lawyer is on the on the approved list for your mortgage company. It is said that nearly one in five of St Fagans conveyancing deals are held up or jeopardised after finding out that a purchaser’s conveyancer was not on their mortgage lender’s member panel. This can often result in the conveyancing being held up by almost 21 days. It is believed that this issue affects in the region of 100,000 home moves annually. Almost all St Fagans conveyancing firms can not act for certain banks so do check as early as possible.
My wife and I purchased a 4 bedroom Edwardian property in St Fagans. Conveyancing practitioner acted for me and Birmingham Midshires. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, the second leasehold under the exact same address. Is it worth asking Birmingham Midshires to clarify?
You should read 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 St Fagans and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with your conveyancing solicitor who conducted the purchase.
I have been on the look out for a ground for flat up to £235,500 and identified one near me in St Fagans I like with amenity areas and transport links in the vicinity, however it's only got 52 years on the lease. There is not much else in St Fagans suitable, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage the remaining unexpired lease term may be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
Should I be wary about estate agents that I am dealing with are recommending a national conveyancing firm as opposed to a local St Fagans conveyancing company?
As with lots of professional services, often recommendations from family and friends can be very helpful. But there are lots of parties with a keen interest in a conveyancing deal; estate agents, financial adviser and banks may suggest solicitors to choose. On occasion these lawyers might be known to one of the organisations as one of the best in their field, but occasionally there may be a commercial relationship behind the recommendation. You have the discretion to choose your preferred conveyancer. You need to be aware that the majority of banks specify a panel list of law firms you have to use for the mortgage aspect of your house move.
I am tempted by the attractive purchase price for a couple of flats in St Fagans which have about fifty years left on the lease term. should I be concerned?
There are plenty of short leases in St Fagans. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the value of the lease decreases and it becomes more costly to extend the lease. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area.
St Fagans Conveyancing for Leasehold Flats - Examples of Queries Prior to buying
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If a St Fagans lease has less than eighty years it will have adverse implications on the value of the property. It is worth checking with your lender that they are willing to to proceed given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and it is worth discovering what this will be. For most St Faganslease extensions you would be required to have owned the property for 24 months before you are entitled to extend the lease. Who takes charge for maintaining and repairing the block? You should want to find out as much as possible concerning the managing agents as they can either make your life much easier or a lot more difficult. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to every day matters like the upkeep of the common parts. Don't be shy to ask other people what they think of them. Finally, find out the dates that you are obliged pay the service charge to the appropriate party and specifically what it includes.
There are numerous properties in St Fagans on private roads. I am acquiring such a house. Are there any advantages to purchasing a property on a private road?
St Fagans conveyancing firms are used to conveyancing propertieson private. Your property lawyer should review the title to identify any rights or responsibilities. It is possible that there is a management company (wholly owned by residents) that residents make annual payments for the upkeep of the road. If one exists, the road should be maintained and appear nicer than council maintained.