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Find a Llanrumney Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Llanrumney? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Llanrumney home move at risk of delay or failure.

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Recently asked questions about conveyancing in Llanrumney

My partner and I are looking to purchase a flat in Llanrumney and have instructed a Llanrumney conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Godiva Mortgages Ltd have this afternoon contacted us to inform me that there is now an issue as our Llanrumney conveyancer is not on their approved list of lawyers. What do we do from here?

If you are buying a property needing a mortgage it is usual for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Llanrumney lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.

Can you explain why leasehold purchase conveyancing in Llanrumney costs more?

Llanrumney leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.

How does conveyancing in Llanrumney differ for new build properties?

Most buyers of new build residence in Llanrumney contact us having been asked by the builder to exchange contracts and commit to the purchase even before the house is built. This is because developers in Llanrumney usually purchase 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 property lawyers 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 Llanrumney or who has acted in the same development.

Due to the encouragement of my in-laws I had a survey completed on a property in Llanrumney in advance of instructing conveyancers. I have been informed that there is a flying freehold overhang to the property. My surveyor advised that some mortgage companies may refuse to issue a loan on this type of premises.

It varies from the lender to lender. Santander has different instructions for example to Halifax. If you call us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Llanrumney. Conveyancing will be smoother if you use a solicitor in Llanrumney especially if they regularly deal with such properties in Llanrumney.

Are there frequently found defects that you encounter in leases for Llanrumney properties?

Leasehold conveyancing in Llanrumney is not unique. All leases are individual and drafting errors can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

    A provision for the recovery of money spent for the benefit of another party.

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Bank of Scotland, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.

I am the registered owner of a 1st floor flat in Llanrumney, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Llanrumney with an extended lease are worth £180,000. The ground rent is £65 yearly. The lease finishes on 21st October 2077

With just 58 years unexpired the likely cost is going to span between £22,800 and £26,400 plus costs.

The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.

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Find out more about how flying freehold can affect your the value of a property.