My wife and I are buying a ground floor flat in Aberaeron. My lawyer is not on the bank solicitor panel. Am I still permitted to retain my Aberaeron conveyancing solicitor even though they are not on the bank panel of approved conveyancing solicitors?
Various options include
- Complete the deal with your existing Aberaeron conveyancer but your bank will need to instruct a property lawyer from their approved list. The net result is additional cost and probable interruption.
- Choose a new conveyancing practitioner to act in the purchase, obviously checking they are on the bank conveyancing panel.
- Convince your conveyancer to attempt to join the mortgage company panel
We're in Aberaeron, First time buyers purchasing with a mortgage (lender is UBS , and our lawyer is on the UBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the UBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Just acquired a detached house in Aberaeron , What is the estimated time for the Land Registry to record my ownership? My Aberaeron conveyancing solicitor works at snail pace, so I want to be sure the land registry aspects are addressed.
There is nothing unique about conveyancing in Aberaeron registration formalities. Rather than based on location, timescales can adjust according to the party submitting the application, whether there are errors and whether the Land registry communicate with any 3rd parties. As of today approximately three quarters of such applications are fully dealt with within two weeks but occasionally there can be extensive delays. Historically registration is effected after the purchaser has moved in to the premises therefore registration formalities is not typically top priority yet where it is urgent that the the registration takes place urgently then you or your conveyancer must speak with the land registry and explain the circumstances.
About to purchase a new build apartment in Aberaeron. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Aberaeron
The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please confirm the Lease plans are architect prepared. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. There must be mutual enforceability of lessee’s covenants.
I work for a busy estate agency in Aberaeron where we have witnessed a few flat sales jeopardised due to short leases. I have received conflicting advice from local Aberaeron conveyancing solicitors. Could you clarify whether the owner of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means 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 at the same time as completion of the sale.
An alternative approach is 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 inherited a 1st floor flat in Aberaeron, conveyancing was carried out in 2005. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Aberaeron with an extended lease are worth £197,000. The ground rent is £55 invoiced every year. The lease ceases on 21st October 2075
With 55 years remaining on your lease the likely cost is going to span between £31,400 and £36,200 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.