Please help. My Cardiff Bay lawyer is assuring me that he is legally obliged toapply for Cardiff Bay conveyancing searches becausethe firm are on the Santanderapproved lawyer panel. Is this really necessary?
You have limited options available to you. As you are obtaining a mortgage with a lender your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the CML Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Cardiff Bay conveyancing searches.
I am purchasing a terraced house in Cardiff Bay. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Cardiff Bay you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Cardiff Bay.
Due to the advice of my in-laws I had a survey completed on a property in Cardiff Bay ahead of appointing conveyancers. I have been informed that there is a flying freehold overhang to the house. My surveyor advised that some mortgage companies will refuse to give a loan on a flying freehold house.
It varies from the lender to lender. HSBC has different instructions from Halifax. Should you wish to telephone us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Cardiff Bay. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Cardiff Bay to see if the conveyancing costs will increase in light of this.
I am tempted by the attractive purchase price for a two flats in Cardiff Bay which have about 50 years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Cardiff Bay is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of buyers and banks, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Cardiff Bay conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Cardiff Bay Conveyancing for Leasehold Flats - A selection of Queries before Purchasing
Does the lease contain onerous restrictions? Is anyone aware of any major works in the planning that could add a premium to the maintenance fees? The prefered form of lease structure is a share of the freehold. In this situation the tenants benefit from being in charge if their destiny and notwithstanding that a managing agent is usually retained if it is larger than a house conversion, the managing agent acts for the leaseholders themselves.
Are there any apps to help search for a Cardiff Bay conveyancing solicitor on the bank conveyancing panel? I have a car and am prepared to travel up to 15kilometers to meet the conveyancer.
Feel free to make use of the find a conveyancing panel search on this page. Please choose the lender and your location, in this case Cardiff Bay and you will see a number of lawyer located nearest Cardiff Bay. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the lender solicitor panel.