The property market in Swansea is heating up. What can I do to expedite the legal process?
Where you are under pressure to sign contracts it is advisable to make sure that your conveyancer is familiar with the area as they will have local relationships and knowledge. It is even conceivable that they may have conducted otherhomes in the same street. Therefore consider using a Swansea conveyancing lawyer. In addition, double check that the lawyer is on the lender panel. It is understood that nearly one in five of Swansea conveyancing deals are suspended or jeopardised after discovering a purchaser’s conveyancer was not on their banks member panel. This can often result in the legal process being held up by an average of three weeks. It is believed that this issue impacts approximately 100,000 home sales every year. Many Swansea conveyancing firms can not act for certain lenders so do check at the outset.
My friend recommended that where I am purchasing in Swansea I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually quoted for as part of the standard Swansea conveyancing searches. It is a large report of about 40 pages, listing and setting out important information about Swansea around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful information regarding Swansea.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Swansea is where the house is located. What do you suggest?
Flying freeholds in Swansea are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Swansea you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Swansea may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Given that I am about to spend hundreds of thousands of pounds on a two bedroom apartment in Swansea I would like to talk to a conveyancer regarding theconveyancing prior to appointing the firm. Is this something that you can arrange?
This is something that we encourage - we would be happy to talk to you we do not take any clients on without you speaking to the solicitor who will be doing your property ownership legalities in Swansea.There is no ‘factory style conveyancing’ - every client is unique person, not a case reference. The law firms that we put you in touch with believe that the fees you are quoted for your conveyancing in Swansea should be the amount on the final invoice that you are charged.
Last May I purchased a leasehold house in Swansea. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a garden flat in Swansea, conveyancing having been completed 8 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Swansea with over 90 years remaining are worth £186,000. The ground rent is £55 levied per year. The lease comes to an end on 21st October 2077
With only 53 years left to run we estimate the premium for your lease extension to span between £27,600 and £31,800 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
We have been told by many friends that it may take up to two months for Swansea conveyancing to complete.This was 3 ago. The paperwork was only sent to my lawyer last week so now does it countdown?
Six to eight weeks is a very approximate timescale. Addressing accurately how long Swansea conveyancing will take is an impossible task. Without fail every conveyance has it’s specific set of issues. Accordingly your lawyer should find it difficult to guarantee an exact timeframe to complete conveyancing in Swansea.