AssumingI were to purchase a simple residential housein Cathays for cash and have no survey and no local authority searches how much would I expect to to save on my conveyancing in Cathays?
The only saving you would achieve is the Cathays conveyancing searches. The conveyancing practitioner is obliged to do the vast majority of work - money laundering, communicating with the vendors conveyancing practitioner, stamp duty return, register the property etc. You might save a bit for them not needing to register a charge but it will not be meaningful.
About to place a bid on a leasehold flat in Cathays. The selling agents tell me that it is normal for flats in Cathays to have less than 75 years left on the lease. I am getting a loan with Bank of Ireland. Is this going to be acceptable if the lease has 72 years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 22/2/2021 the requirements read as follows :
Is it correct that all Cathays CQS (Conveyancing Quality Scheme) solicitors are on the Barclays conveyancing panel?
It is true that some lenders now use CQS as the kick off point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
is it true that all Cathays solicitors on the Skipton conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Skipton conveyancing panel they would need to be overseen by the SRA. Some mortgage companies do allow licenced conveyancers on their panel in which case such practice would be regulated by the CLC.
I can not fathom if my lender requires a lease extension. I have telephoned my Cathays building society branch on numerous occasions and was reassured it wasn't an issue and they would lend. My Cathays conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancing practitioner is on the bank approved list, they must follow the Council of Mortgage Lenders’ Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Cathays?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Cathays. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
We own a leasehold flat in Cathays. Conveyancing was finalised in five years ago. I have heard that I should not let the lease length get too low. What is the reasoning?
Cathays residential long term leases are for a fixed term - usually just under one hundred years when they are first granted. However a significant flats in Cathays were constructed or converted 20 or more years ago and so such leases now have under eighty years left to run. That may seem like plenty of time but Banks, Building Societies and other mortgage institutions generally require leases to have a minimum of seventy five years unexpired to be mortgageable. This means that when you come to sell the property you will need to extend the term of your lease if you are approaching seventy five years. To optimize your property value you should be considering whether or not to extend your lease long before you come to sell it. You should note that there are strong financial reasons to doing so before the lease reaches even 80 years as when the lease falls below eighty years the amount you have to pay to extend starts to increase.