Do I need to have a meeting at the offices of the solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Llandudno so that I can attend their offices if necessary.
As opposed to 15 years ago, most lenders no longer oblige their conveyancing panel lawyer to witness the borrowers signature. You will still be obliged to provide identification documents and there are still distinct benefits to choosing a local practitioner, in your case a conveyancing solicitor in Llandudno.
Despite weeks of looking the Title Certificate and documents to our house are lost. The solicitors who dealt with the conveyancing in Llandudno 10 years ago are no longer around. What are my options?
Nowadays there are copies made of almost everything, and your solicitor will know precisely where to look for all the relevant documentation so you may purchase or dispose of your property without any difficulty. If duplicates are not available, your lawyer can arrange cover in the form of insurance or indemnities protecting you against possible claims on the property.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a quick, chain free conveyancing. Llandudno is the location of the property. Can you shed any light on this issue?
Flying freeholds in Llandudno are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Llandudno 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 Llandudno may determine 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.
I am looking at a two apartments in Llandudno which have in the region of fifty years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Llandudno is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of buyers and lenders, leases with under 75 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 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 Llandudno 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.
I am the registered owner of a ground floor flat in Llandudno, conveyancing having been completed April 2007. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Llandudno with a long lease are worth £206,000. The ground rent is £45 per annum. The lease terminates on 21st October 2087
With 66 years remaining on your lease we estimate the price of your lease extension to span between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.
My wife and I have selected a Llandudno conveyancing solicitor for our house purchase (FTB’s) and have picked up in the Ts and Cs that they are not governed by the Financial Conduct Authority. Am I right to be concerned or is that the norm with solicitor?
We can't see why they should be. Most conveyancing practitioner don't lend money. They will be regulated by the Solicitors Regulation Authority, who set stringent rules covering monies sitting by them.