I am nearing exchange of contracts for my house in Cilfynydd and the estate agent has just text me to say that the purchasers are appointing a new property lawyer. The reason given is that the lender will only deal with solicitors on their approved list. On what basis would a major mortgage company only deal with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Cilfynydd ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies attribute 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 oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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 buyers are not going to have any sway in the decision.
five months have elapsed since my purchase conveyancing in Cilfynydd concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Cilfynydd differ for new build properties?
Most buyers of new build premises in Cilfynydd contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is completed. This is because house builders in Cilfynydd typically buy the real estate, 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 conveyancing solicitors 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 Cilfynydd or who has acted in the same development.
My business partner and I are intending to take over a lease of a shop on a shopping parade. Can you recommend conveyancers offering no-sale-no costs for commercial conveyancing in Cilfynydd for less than 2k?
We can recommend firms who have an in-depth of experience of commercial conveyancing in Cilfynydd, including the disposal and purchase of businesses as well as simply premises. If you are looking to purchase or lease a shop, pub, restaurant, office, retail unit or a whole business we will put you in touch with the right solicitor. Regarding the fees these will vary based on the structure and terms of the deal. Please provide us with your details or call us so that we can supply you with a fixed commercial conveyancing quote.
I am attracted to a couple of flats in Cilfynydd which have approximately fifty years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Cilfynydd is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of buyers and banks, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 premises 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 Cilfynydd 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.
Cilfynydd Leasehold Conveyancing - Sample of Questions you should ask before Purchasing
Is anyone aware of any major works anticipated that could increase the service charges? It would be prudent to discover as much as possible regarding the company managing the block as they will affect your use and enjoyment of the property. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to practical issues such as the cleanliness of the communal areas. Ask prospective neighbours if they are happy with their service. On a final note, be sure you discover the dates that the service fees are due to the appropriate party and specifically what you get for your money. How many of the leaseholders are in arrears for their maintenance charge payments?