I happen to be the sole recipient of my late mum's estate and I have everything in my name alone, including the house in Caerleon. Conveyancing formalities meant that the Land Registry date was in March. I plan to dispose of the property. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership may be considered the same way as if I'd bought the house in March. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. How sensible a view banks take of it, depend on the lender as this clause is principally there to identify the purchase and immediately sell or the quick reselling of property.
When it comes to mortgage companies such as Barclays, do Caerleon property lawyers have to pay an annual charge to be on the list of approved solicitors?
We are unaware of any mortgage company fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
I have decided to exercise my right to buy my property in Caerleon off the council. I have a mortgage agreed with Santander. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Santander, you will need to appoint a solicitor on the Santander conveyancing panel.
Various online forums that I have come across warn that are a common cause of delay in Caerleon house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances in the conveyancing process. Searches are not likely to be the root cause of holding up conveyancing in Caerleon.
I got the keys to my home on 16 March and the transaction details are still not on the land registry website. Any reason for this? My conveyancing solicitor in Caerleon advises it should be registered in less than a month. Are transfers in Caerleon uniquely lengthy to register?
There is nothing unique about conveyancing in Caerleon registration formalities. Rather than based on location, timescales can adjust according to the party submitting the application, whether it is in order and if the Land registry have to notify any third parties. Currently approximately three quarters of such applications are completed within two weeks but occasionally there can be longer hold-ups. Historically registration is effected once the new owner has moved in to the property so 'speed' is not usually primary concern yet if it is urgent that the the registration takes place urgently then you or your lawyers can communicate with the Registry to express the reasoning for the application to be prioritised.
I have been on the look out for a flat up to £195,000 and found one near me in Caerleon I like with open areas and station nearby, however it only has 49 remaining years left on the lease. I can't really find anything else in Caerleon for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage that many years will be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this.
What are the frequently found defects that you witness in leases for Caerleon properties?
There is nothing unique about leasehold conveyancing in Caerleon. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
Clauses dealing with recovering service charges for expenditure on the building or common parts.
You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Virgin Money, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.
I am the registered owner of a basement flat in Caerleon, conveyancing was carried out 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Caerleon with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease terminates on 21st October 2096
You have 75 years remaining on your lease we estimate the price of your lease extension to range between £8,600 and £9,800 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.