My fiance and I are hoping to buy a property in Treuddyn and have appointed a Treuddyn conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Britannia have this afternoon contacted us to advise us that they have now hit a problem as our Treuddyn solicitor is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is usual for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Treuddyn solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Will commercial conveyancing searches reveal impending roadworks that could affect a commercial land in Treuddyn?
Its becoming the norm that commercial conveyancing solicitors in Treuddyn will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Treuddyn. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Treuddyn.
For each commercial conveyancing transaction in Treuddyn it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may result in delays to Treuddyn commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not ordered for domestic conveyancing in Treuddyn.
Are there restrictive covenants that are commonly picked up during conveyancing in Treuddyn?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Treuddyn. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am a fortnight into a residential purchase having been referred to solicitors by the high street agent to handle our conveyancing in Treuddyn. I am am starting to be frustrated with the level of service. Can you help me find new lawyers?
A solicitor would need to be really poor to suggest replacing them. Has your mortgage been issued? In the event that it has you need to inform them of the replacement lawyer and ensure the mortgage documents are issued to the new lawyers. Your solicitor ideally should be on the lenders panel to avoid supplemental expenses and frustration. That should be your starting point. Our search tool will help you find a lender approved lawyer for your conveyancing in Treuddyn
I am attracted to a two maisonettes in Treuddyn which have approximately forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Treuddyn is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. For most purchasers and lenders, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Treuddyn conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I bought a 2 bed flat in Treuddyn, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Treuddyn with a long lease are worth £185,000. The ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2085
With just 60 years left to run we estimate the premium for your lease extension to range between £20,000 and £23,000 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
My nephew is embarking on her first house purchase, he had his mortgage in principle. After the offer was accepted on apartment we contacted the mortgage company to progress the mortgage application. We were disappointed to hear that mortgage companies do not accept all conveyancing practitioner, they need to be on their approved list, is this right?
Mortgage Companies normally restrict either the type or the number of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Treuddyn property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.