I have Fifty Six years remaining on my lease and require a lease extension for my apartment in Bridgend. Conveyancing solicitors on the Accord Mortgages panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 24/1/2023 the requirements read as follows :
How does conveyancing in Bridgend differ for newly converted properties?
Most buyers of new build property in Bridgend approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because developers in Bridgend usually acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Bridgend or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a simple, chain free conveyancing. Bridgend is the location of the property. Can you offer any opinion?
Flying freeholds in Bridgend are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bridgend you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bridgend may determine 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.
Should I appoint a Bridgend conveyancing solicitor who is local to the property I am buying? An old friend can execute the legal formalities however his firm is located 300miles drive away.
The benefit of a high street Bridgend conveyancing firm is that you can attend the office to execute paperwork, present your identification documents and pester them if necessary. They will also have local insight which is a benefit. That being said it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and on the whole were happy that should surpass using an unfamiliar Bridgend conveyancing solicitor just because they are round the corner.
If all goes to plan we aim to complete the disposal of our £200,000 apartment in Bridgend in just under a week. The managing agents has quoted £384 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Bridgend?
For the majority of leasehold sales in Bridgend conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
Addressing pre-exchange enquiries
Where consent is required before sale in Bridgend
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Bridgend - Sample of Questions you should consider Prior to buying
The best form of lease arrangement is if the freehold reversion is in the ownership of the leaseholders. In this situation the tenants enjoy control and although a managing agent is usually retained if the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves. What is the name of the managing agents? How many of the leaseholders are in arrears for their service charge payments?