This question may be naive but I am unseasoned as FTB of a ground floor flat in Sychdyn. Do I pick up the keys to the premises on the completion date from my solicitor? If this is the case, I will appoint a High Street conveyancing solicitor in Sychdyn?
On the day of completion you do not need to attend the conveyancers office in Sychdyn. Your solicitors will transfer the purchase money to the owner’s conveyancers, and once they have received this, you will be invited to collect the keys from the Estate Agents and start moving into the property. This tends to happen early afternoon.
I have today made my last payment due on my mortgage with HSBC. I assume I don't need a Sychdyn solicitor on the HSBC panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your HSBC mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the HSBC mortgage from the register. HSBC, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
Having digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Sychdyn solicitor - who is on the Aldermore conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Sychdyn surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I need some expedited conveyancing in Sychdyn as I have pressure to exchange contracts within one month. A home loan is not required. Is it possible to avoid the conveyancing searches to save money and time?
As you are not obtaining a mortgage you are at free not to do searches although no law firm would recommend that you don't. Drawing on our experience of conveyancing in Sychdyn the following are examples of what can show up and adversely affect future mortgageability: Enforcement Notices, Outstanding Charges, Overdue Grants, Railway Schemes,...
I used Arc property Solicitors a few years ago for my conveyancing in Sychdyn. Now, I need the documents however the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Sychdyn of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I'm buying my first flat in Sychdyn with a mortgage from TSB. The sellers refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The property agent advised me not inform my conveyancer about this deal as it would jeopardize my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
What are the frequently found problems that you see in leases for Sychdyn properties?
There is nothing unique about leasehold conveyancing in Sychdyn. All leases are drafted differently and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
-
Clauses dealing with recovering service charges for expenditure on the building or common parts.
You could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Barnsley Building Society, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.
I am the registered owner of a split level flat in Sychdyn, conveyancing was carried out January 2005. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Sychdyn with a long lease are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease ceases on 21st October 2095
You have 70 years left to run we estimate the price of your lease extension to be between £9,500 and £11,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure 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 considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.
What is the reason for my lawyer requiring numerous items of ID before I can commence with selling or buying a property in Sychdyn?
Sychdyn solicitors are duty bound by the Law Society, Solicitors Regulation Authority, HM Land Registry and current AML Regulations to certify that the have checked the identity of their clients. It is also sometimes a requirement of your lender if you are obtaining a mortgage. Furthermore they have to complete various forms, particularly those relating to stamp duty land tax and need to have details such as your full names, NI number and date of birth.