Our solicitor has discovered a defect with the lease for the flat we are buying in Penylan. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer says that he must be satisfied that the lender is willing to move forward with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. The appropriate lender specifications must be adhered to.
As someone not used to the Penylan conveyancing process what’s the number one tip you can impart for the house moving process in Penylan
You may not hear this from too many lawyers but conveyancing in Penylan and elsewhere in Cardiff is an adversarial process. Put another way, when it comes to conveyancing there exists an abundance of opportunity for confrontation between you and other parties involved in the transaction. E.g., the seller, property agent and sometimes a mortgage company. Appointing a solicitor for your conveyancing in Penylan is a critical decision as your conveyancer is your adviser, and is the ONE party in the legal process whose role it is to act in your legal interests and to protect you.
Sometimes a potential adversary will attempt to sway you that it is in your interests to do things their way. For instance, the estate agent may claim to be helping by claiming that your lawyer is slow. Or your mortgage broker may try to convince you to do take action that is against your solicitors recommendation. You should always trust your lawyer above all other parties in the home moving process.
I am close to exchanging contracts on the sale of our property in Penylan and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. Any high street Penylan lawyer would know this is not the case. For the life of me I don't know why the purchasers used a national conveyancing firm rather than a conveyancing solicitor in Penylan. We have lived in Penylan for six years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to get clarification need.
It sounds as though you may have a conveyancing lawyer currently acting for you. Are they able to advise? You must check with 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 life insurance to cover that same illness)
How does conveyancing in Penylan differ for newly converted properties?
Most buyers of new build premises in Penylan contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is completed. This is because developers in Penylan typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Penylan or who has acted in the same development.
There are only Seventy years remaining on my flat in Penylan. I need to get lease extension but my freeholder is missing. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to prove that you have done all that could be expected to track down the landlord. On the whole an enquiry agent would be useful to try and locate and prepare an expert document to be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s absence and the application to the County Court covering Penylan.
I inherited a garden flat in Penylan, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Penylan with an extended lease are worth £265,000. The ground rent is £50 charged once a year. The lease expires on 21st October 2100
You have 76 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.