Is there a reason why leasehold purchase conveyancing in Townhill costs more?
In summary, leasehold conveyancing in Townhill and Swansea usually necessitates additional due diligence compared to freehold conveyancing. This includes analysing the lease terms, communicating with the landlord about the service of appropriate notices, procuring up-to-date service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different owners have owned the lease since it was first entered into.
I'm the only beneficiary of my late grandmother’s estate and I have everything in my name alone, including the house in Townhill. Conveyancing formalities meant that the Land Registry date was in June. I plan to dispose of the house. I do know about the CML 6 month 'rule', which means that my property ownership could be regarded the same way as if I'd bought the house in June. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. How practical a view mortgage companies take of it, depend on the mortgage company as this obligation is primarily there to pick up on subsales or the quick reselling of properties.
I am selling my apartment. I had a double glazing fitted in August 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Lloyds are being problematic. The Townhill solicitor who is on the Lloyds conveyancing panel is saying indemnity insurance will be fine but Lloyds are insisting on a building regulation certificate. Why do Lloyds have a conveyancing panel if they don't accept advice from them?
It is probably the case that Lloyds have referred the matter to their valuer. The reason why Lloyds may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Skipton have agreed my home loan in principle, my bid on a house in Townhill has been accepted, now what?
Your estate agent will want to know who your solicitors are (be sure the conveyancers are on the lender’s panel). Call up Skipton or the financial adviser and complete any appropriate paperwork. Skipton will instruct a valuer who will get in touch with the estate agent or vendor to arrange a time for the valuation to happen. Once carried out (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. Skipton will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Townhill.
I note that there are debates on Chancel Insurance on online forums. Am I compelled to take this when buying a property in Townhill? or Apparently there is historic law that could mean that house owners living in a parish church boundary may be liable to pay for repairs towards the chancel within the church. Is this relevant for conveyancing in Townhill?
Unless a previous acquisition of the house took place after 12 October 2013 you may expect conveyancing practitioners conducting conveyancing in Townhill to continue to suggest a chancel search and or chancel repair liability policy.
I'm remortgaging my primary home to a buy to let mortgage with Coventry Building Society and I will use the rest of the raised equity towards further house. The area we are interested in is Townhill. Will your conveyancers be able to act for both sets of banks and link together the transactions?
Do use our comparison tool on this site to check that the solicitors are approved by both lenders. Assuming that they are the lawyer should be able to tie up the two deals but you should talk with you conveyancer and specify your expectations and requirements.
I am a negotiator for a busy estate agency in Townhill where we see a number of flat sales derailed as a result of short leases. I have been given conflicting advice from local Townhill conveyancing solicitors. Can you clarify whether the vendor of a flat can start 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible 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.
I invested in buying a 1st floor flat in Townhill, conveyancing was carried out in 2003. Can you work out an approximate cost of a lease extension? Comparable properties in Townhill with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 per annum. The lease ceases on 21st October 2079
You have 54 years unexpired the likely cost is going to span between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
I need to assess quotes for conveyancing in Townhill from various solicitor and appoint one. Do I tell them to sit tight until I I have my bid accepted on a flat.
We suggest that you only ask your solicitor to commence work and order searches once the sales memo has been sent by the selling agent especially as Townhill conveyancing searches are costly.