I happen to be the sole recipient of my late father’s estate with all property in now in my sole name, including the my former home in Valley. Conveyancing formalities meant that the Land Registry date was in November. I plan to dispose of the property. I do know about the CML six month 'rule', which means that my proprietorship could be regarded the same way as though I had purchased the property in November. Will no one buy the property for half a year?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be impacted by that. How practical a view banks take of it, depend on the lender as this clause is primarily there to pick up on the purchase and immediately sell or the quick reselling of properties.
Is there a list of Principality panel solicitors in Valley on the UK Finance Lenders’ Handbook Website?
No. There is no such facility on the CML or Building Society Association sites. A small selection of lending institutions make their panel listings visible over the internet. Where you are looking for a Valley conveyancer on the Principality please use our facility.
I had an offer accepted on a house in Valley on 30/10/2018, valuation was booked five days after, received a clean bill of health. Conveyancer retained, so all that was missing was my mortgage offer. Having made daily calls to Co-operative and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Co-operative conveyancing panel. Are Co-operative entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Co-operative to deal with your lawyer's application to be on the Co-operative conveyancing panel. There's no guarantee that your solicitor will be accepted.
Should commercial conveyancing searches reveal impending roadworks that could affect a commercial estate in Valley?
Its becoming the norm that commercial conveyancing solicitors in Valley will perform a SiteSolutions Highways report as it reduces the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in Valley. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Valley.
For each commercial conveyancing transaction in Valley it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can cause delays to Valley commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Valley.
Are there restrictive covenants that are commonly identified during conveyancing in Valley?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Valley. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I decided to have a survey done on a property in Valley in advance of appointing solicitors. I have been told that there is a flying freehold element to the property. Our surveyor has said that some mortgage companies may refuse to issue a mortgage on a flying freehold home.
It depends who your proposed lender is. Santander has different instructions for example to Nationwide. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Valley. Conveyancing will be smoother if you use a solicitor in Valley especially if they are familiar with such properties in Valley.
Can you offer any advice when it comes to choosing a Valley conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Valley conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Valley conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be of use:
If they are not ALEP accredited then what is the reason? What volume of lease extensions has the firm conducted in Valley in the last year?
I acquired a studio flat in Valley, conveyancing was carried out 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Valley with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease ceases on 21st October 2073
With only 55 years remaining on your lease we estimate the price of your lease extension to span between £31,400 and £36,200 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.