My wife and I are planning to purchase a home in Pentyrch and are in fact using a Pentyrch conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Coventry Building Society have this evening contacted us to advise us that there is now an issue as our Pentyrch conveyancer is not on their approved list of lawyers. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is normal for the purchasers' solicitors to also represent 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 lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Pentyrch lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
How up to date is your search tool for Pentyrch conveyancing solicitors on the Principality conveyancing panel? Do Principality send you an updated list?
Pentyrch conveyancing firms themselves provide us confirmation that they are on the Principality conveyancing panel as opposed to being supplied with a list from Principality directly.
The Pentyrch conveyancing lawyers that I appointed last week on my house acquisition in Pentyrch have without warning closed. I only went with them because I needed a lawyer on the Principality conveyancing panel and my family Pentyrch lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What are my options?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Principality conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist.
Have purchased a a semi-detached house in Pentyrch , What is the estimated time for the Land Registry to deal with the formalities evidencing the transfer to my name? My Pentyrch conveyancing solicitor works at snail pace, so I want to check the land registry aspects are dealt with.
There is nothing unique when it comes to conveyancing in Pentyrch registration formalities. Rather than based on location, timescales can vary subject to who lodges the application, whether it is in order and whether the Land registry communicate with any other parties. At present in the region of 80% of such applications are completed within two weeks but occasionally there can be protracted hold-ups. Historically registration occurs after the buyer has moved in to the premises therefore 'speed' is not typically top priority yet if there is a degree of urgency associated with the registration then you or your solicitor must contact the land registry and explain the circumstances.
I am employed by a long established estate agent office in Pentyrch where we have experienced a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Pentyrch conveyancing solicitors. Can you clarify whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I invested in buying a studio flat in Pentyrch, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Corresponding flats in Pentyrch with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ceases on 21st October 2081
With only 62 years remaining on your lease the likely cost is going to span between £17,100 and £19,800 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other 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.