Have just purchased a repossessed house at auction in Caldicot. Conveyancing is necessary. What are my next steps?
Now that you have exchanged you must retain a conveyancing solicitor soon as you are faced with a pending a drop dead date to complete the transaction. All auction property should have a bespoke legal pack. This will include evidence of title and search results. Where you are dealing with leasehold property the auction pack should provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to leasehold premises. You need to give this to your appointed conveyancing solicitor as soon as possible. Do make sure that you have funds in place to complete the transaction on the set completion date.
Are all Caldicot Conveyancing Quality Solicitors on the Lloyds conveyancing panel?
A selection of banks and building societies now use the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of conveyancing solicitors.
Does a directory service exist listing Virgin Money panel conveyancers in Caldicot on the Council of Mortgage Lender’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. A small selection of banks make their panel listings viewable on the web. Where you are looking for a Caldicot property lawyer on the Virgin Money please use our tool.
I have been told that property searches are a common cause of delay in Caldicot conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature within the common causes of delays during the legal transfer of property. Searches are not likely to feature in any holding up conveyancing in Caldicot.
How does conveyancing in Caldicot differ for newly converted properties?
Most buyers of new build or newly converted property in Caldicot approach us having been asked by the developer to sign contracts and commit to the purchase even before the residence is constructed. This is because builders in Caldicot tend to buy 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 property lawyers 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 used to new build conveyancing in Caldicot or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Caldicot ahead of appointing conveyancers. I have been told that there is a flying freehold overhang to the house. Our surveyor has said that some banks tend not issue a mortgage on this type of property.
It varies from the lender to lender. Bank of Scotland has different instructions from Nationwide. Should you wish to telephone us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Caldicot. Conveyancing may be slightly more expensive based on your lender's requirements.
I am a negotiator for a busy estate agency in Caldicot where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Caldicot conveyancing firms. Please can you shed some light as to whether the owner of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible 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 buyer.
I purchased a split level flat in Caldicot, conveyancing having been completed February 2003. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Caldicot with a long lease are worth £179,000. The ground rent is £65 invoiced every year. The lease ends on 21st October 2082
With only 57 years left to run we estimate the price of your lease extension to be between £26,600 and £30,800 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.