I have given 8 weeks notice to my current landlord and must be out of my rented property in Penarth by the end of next month. Conveyancing on my purchase is underway. How realistic is it to complete in 5 weeks as I wish to avoid having to move into short term accommodation?
The normal practice is not to give notice for your lease until your lawyer suggests that you should. If you have not previously done so, notify to your conveyancer and request that they chase the sellers side, try to an acceptable time-line that all parties will aim towards
If you had a top tip for selecting a conveyancing solicitor in Penarth what would it be?
Do not opt for the lowest Penarth conveyancing fees. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I have a mortgage with Nationwide for my property in Penarth. Conveyancing has been completed months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nationwide?
Your original mortgage agreement with Nationwide will provide that you need their approval before letting out your property as this is likely to be a breach of Nationwide’s mortgage conditions. It may be that Nationwide will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nationwide directly. It should not be necessary to do this via a Nationwide conveyancing panel solicitor.
After much negotiation I have agreed a price on a house in Penarth. My mortgage broker recommended their conveyancers. I paid an upfront payment of £175. A few days later, the conveyancer called me sheepishly admitting that they were not on the Barclays conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Barclays panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
About to purchase a new build apartment in Penarth. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Penarth
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
My cousin has urged me to instruct his conveyancing solicitors in Penarth. Should I find my own solicitor?
There are no two ways about it the best way to select a conveyancing practitioner is to seek referrals from friends or family who have experience in using the solicitor that you are are thinking of instructing.
I have just appointed agents to market my basement apartment in Penarth. Conveyancing is yet to be initiated, but I have recently received a half-yearly maintenance charge demand – Do I pay up?
It best that you discharge the invoice as you normally would as all ground rent and maintenance charges will be allotted on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I acquired a 2 bed flat in Penarth, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Penarth with a long lease are worth £195,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease comes to an end on 21st October 2082
With 63 years remaining on your lease we estimate the premium for your lease extension to range between £16,200 and £18,600 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.