I am buying a property in Aberporth. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Virgin Money be concerned?
As your lender is Virgin Money your lawyer must comply with the formal instructions contained in Section 2 of UK Finance Lenders’ Handbook for Virgin Money. The CML Handbook sets out minimum requirements for solar panel roof-space leases, and solicitors are required to report to Virgin Money where a lease does not meet these requirements. The specifications relate to the installation of panels on properties nationwide and is not restricted to Aberporth.
After shopping around on the internet I have found a Aberporth lawyer having checked that they are on the Santander conveyancing panel. Does my lawyer arrange the survey of the property?
Santander will need an independent valuation of the property. Your lawyer will not arrange this. Usually Santander 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. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Aberporth postcode. As you are getting a mortgage with Santander, you could contact them to see if they have a list of approved surveyors in Aberporth.
Coventry BS have agreed my mortgage in principle, my bid on a house in Aberporth has been accepted, now what?
Your property agent will want to know who your solicitors are (ensure that the lawyers are on the bank’s approved list). Call up Coventry BS or your financial adviser and finalise any relevant documentation. Coventry BS will instruct a valuer who will get in contact with the estate agent or owners to book an appointment. Once carried out (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. Coventry BS will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Aberporth.
A colleague suggested that where I am purchasing in Aberporth I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually included in the estimate for your Aberporth conveyancing searches. It is not a small document of about 40 pages, listing and setting out important information about Aberporth 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 details, Aberporth Education with plans and statistics, Local Amenities and other useful data about Aberporth.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Aberporth is the location of the property. What do you suggest?
Flying freeholds in Aberporth are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Aberporth you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Aberporth 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 residence.
What does commercial conveyancing in Aberporth cover?
Non domestic conveyancing in Aberporth incorporates a broad array of guidance, offered by regulated solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
I have recently realised that I have Sixty One years unexpired on my flat in Aberporth. I now wish to extend my lease but my landlord is can not be found. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to locate the landlord. On the whole a specialist should be helpful to conduct investigations and to produce a report to be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the application to the County Court overseeing Aberporth.
I bought a studio flat in Aberporth, conveyancing was carried out in 2004. How much will my lease extension cost? Comparable properties in Aberporth with over 90 years remaining are worth £197,000. The ground rent is £55 levied per year. The lease terminates on 21st October 2079
With only 55 years left to run we estimate the price of your lease extension to span between £31,400 and £36,200 as well as legals.
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 without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues 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 based on this information without first getting professional advice.