I am nearing exchange of contracts for my house in Cardigan and the estate agent has just telephoned to warn that the purchasers are changing their solicitor. I am told that this is due to the fact that the mortgage company will only engage with property lawyers on their conveyancing panel. Why would a leading mortgage company only deal with specific lawyers rather the firm that they want to choose for their conveyancing in Cardigan ?
Mortgage companies have always had panels of law firms that can represent them, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies justify this action to a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any sway in the decision.
Completed the sale of my flat in Cardigan last November yet the purchaser is SMS messaging every few hours to say her solicitor is waiting to hear from mine. What are the post completion sale legalities following completion?
After completion of your house sale your conveyancer is duty bound to forward the transfer documentation and all supplemental paperwork to the buyer’s solicitors. Depending on the transaction, your lawyer must also confirm that the home loan has been redeemed to the purchasers lawyers. There are no post completion requirements specific conveyancing in Cardigan.
My relative suggested that where I am purchasing in Cardigan I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually included in the estimate for your Cardigan conveyancing searches. It is a large report of more than thirty pages, listing and detailing important information about Cardigan around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Cardigan Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data concerning Cardigan.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. Cardigan is the location of the property. Can you shed any light on this issue?
Flying freeholds in Cardigan are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cardigan you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cardigan may decide 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 premises.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £425,000 apartment in Cardigan next week. The management company has quoted £324 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Cardigan?
For the majority of leasehold sales in Cardigan conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
Completing pre-exchange questions
Where consent is required before sale in Cardigan
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I inherited a 2 bed flat in Cardigan, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Cardigan with a long lease are worth £222,000. The ground rent is £50 levied per year. The lease ends on 21st October 2092
With only 71 years left to run we estimate the price of your lease extension to span between £9,500 and £11,000 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.