I am purchasing a house for cash in Radyr. I have been residing for the last Seventeen years in Radyr. Conveyancing searches are a lot of money. Given that I know the road and vicinity intimately must I have all the conveyancing searches?
Provided that you do not need a mortgage, then all but one or two of the Radyr conveyancing searches are optional. Your lawyer will 'advise', no-doubt strongly, that you should have searches carried out, but she has a professional duty to do this. Do consider; if you are intend to dispose of the house one day, it may be of interest to your prospective buyer what the searches disclose. Sometimes houses with day to day issues can still reveal unfavourable search results. A competent conveyancing solicitor in Radyr will be able to give you some practical advice here.
At what point can the exchange of contracts take place for sale conveyancing in Radyr and do I need to be at the solicitors branch?
If you are in close proximity to one of the conveyancing solicitors in Radyr you are welcome to attend to sign the paperwork. However, the law practices we work with offer countrywide coverage for conveyancing and provide just as diligent and professional a job for you when communicating with you by post or email. The signing of the contract is not the point of no return. A signed contract is just a prerequisite for the firm to officially exchange at the appropriate time, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Radyr)to be in the office available at the end of the phone to exchange contracts.
I have been told that property searches are the number one reason for stalling in Radyr conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not figure within the common causes of delays in the conveyancing process. Local searches are not likely to be the root cause of holding up conveyancing in Radyr.
Me and my brother purchased a 4 bedroom Victorian house in Radyr. Conveyancing lawyer represented me and Coventry Building Society. I did a free Land Registry search last week and I saw two entries: the first freehold, the second leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Radyr and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the position with your conveyancing solicitor who conducted the conveyancing.
I am employed by a long established estate agent office in Radyr where we see a number of flat sales jeopardised due to short leases. I have been given contradictory information from local Radyr conveyancing solicitors. Could you clarify whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 inherited a leasehold flat in Radyr, conveyancing was carried out 9 years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Radyr with an extended lease are worth £216,000. The ground rent is £50 levied per year. The lease finishes on 21st October 2088
With just 69 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.