We are planning on selling our property in Newport and according to the buyers it appears that there is a risk of it being built on contaminated land. A local lawyer would know that there is no such problem. It does beg the question why the buyers are using a national conveyancing outfit as opposed to a conveyancing solicitor in Newport. Having lived in Newport for six years we know that this is a non issue. Should we contact our local Authority to obtain confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer currently acting for you. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
It has been 4 months since my purchase conveyancing in Newport took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. 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.
Over the last few months I have been searching for a flat up to £245,000 and identified one near me in Newport I like with open areas and railway links in the vicinity, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Newport for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
Do you have any top tips for leasehold conveyancing in Newport with the aim of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Newport can be avoided where you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ lawyers. If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you laid down wooden flooring? Newport leases often stipulate that internal structural changes or laying down wooden flooring require a licence issued by the Landlord consenting to such alterations. Where you fail to have the paperwork to hand do not contact the landlord without contacting your conveyancer in the first instance. You believe that you know the number of years remaining on your lease but it would be advisable double-check via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is less than 80 years. It is therefore important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share document. Organising a duplicate share certificate can be a lengthy process and delays many a Newport conveyancing transaction. Where a duplicate share is necessary, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible.
I inherited a 1 bedroom flat in Newport, conveyancing was carried out in 2001. How much will my lease extension cost? Corresponding properties in Newport with over 90 years remaining are worth £179,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ends on 21st October 2076
With just 57 years remaining on your lease we estimate the premium for your lease extension to range between £26,600 and £30,800 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
What are my options where I am unhappy with the property lawyer who did my conveyancing in Newport?
Occasionally the level of service you receive is not as you expect, and is is a fact of life that sometimes things do go wrong. However there is recourse if you were dissatisfied with your conveyancing in Newport. This varies from trying to resolve matters directly with them, through to reporting a solicitor to their governing body. If things still aren’t resolved you may consider enlisting the help of the Legal Ombudsman.