I have just been advised by my broker that my Grangetown property lawyer is not on the bank Solicitor panel. What can I do to be sure if this is correct?
You need to contact your Grangetown conveyancer. It is reasonable to expect your lawyer to inform you of the situation. Where they are not on the panel they may be able to suggest a Grangetown conveyancing firm that is on the conveyancing panel for your lender.
Is there a reason why leasehold purchase conveyancing in Grangetown is more expensive?
The conveyancing charges on a leasehold property in Grangetown is inevitably more expensive when contrasted to a freehold transaction. This is because there is an amount of supplemental investigations required in dealing with the landlord and management company to obtain information concerning whether the rent and maintenance fee have been paid and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the block.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what should have been a straight forward, no chain conveyancing. Grangetown is where the house is located. Can you shed any light on this issue?
Flying freeholds in Grangetown are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Grangetown you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Grangetown 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 residence.
I am looking into buying my first house which is in Grangetown and I am already nervous. I couldn't find anything specific about Grangetown. Conveyancing will be needed in due course but do you know about the Grangetown area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Grangetown. In the meantime here are some basic statistics that we found
I've found a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have since been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Grangetown. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
Most houses in Grangetown are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can help the conveyancing process. it is apparent that you are buying in Grangetown in which case you should be shopping around for a Grangetown conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer will appraise you on the various issues.
I acquired a split level flat in Grangetown, conveyancing formalities finalised 4 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Grangetown with a long lease are worth £206,000. The ground rent is £45 invoiced every year. The lease runs out on 21st October 2087
With only 66 years remaining on your lease we estimate the price of your lease extension to span between £11,400 and £13,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.