Unfortunately I am unable to travel far from Cardigan. I would like to know the logic why all Cardigan lawyers are not on all lender panels?
Before the recession most lenders had an attitude to risk which differs from the current day. The financial regulator in 2010 carried out a thematic review into fraud which in summary warned lenders: know the lawyers on your panel. As a result, lenders have subsequently looked to extract more data from law firms regarding their operations and the staff who work for them and set certain criteria such as completing a minimum amount of transactions. Many firms have been removed from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms were never going to satisfy the criteria of volume of transactions the lenders required.
I purchased a freehold residence in Cardigan yet pay rent, why is this and what is this?
It is rare for properties in Cardigan and has limited impact for conveyancing in Cardigan but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
We are expecting a mortgage offer soon. The bank mentioned the loan came with free conveyancing. Does this mean I have to appoint their panel solicitor as I would prefer to use a high street conveyancing solicitor in Cardigan?
You should check but the chances are that appoint one of their panel solicitors if you take up the "fee-free" offer. Contact the mortgage company to explore if they allow a cash alternative. Some mortgage companies have previously offered a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor in Cardigan.
Me and my brother purchased a semi-detached Georgian house in Cardigan. Conveyancing practitioner represented me and Norwich and Peterborough Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, another for leasehold with the exact same property. Is it worth asking Norwich and Peterborough Building Society to clarify?
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 Cardigan 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 mortgage companies. You can also question the situation with your conveyancing lawyer who conducted the conveyancing.
I opted to have a survey carried out on a property in Cardigan before appointing solicitors. I have been informed that there is a flying freehold aspect to the property. The surveyor has said that some banks tend not issue a loan on a flying freehold home.
It depends who your proposed lender is. Lloyds has different requirements from Nationwide. If you contact us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Cardigan. Conveyancing will be smoother if you use a solicitor in Cardigan especially if they are accustomed to such properties in Cardigan.
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it more attractive. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Cardigan. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
Most houses in Cardigan are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Cardigan in which case you should be shopping around for a Cardigan conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer should appraise you on the various issues.
I bought a 1st floor flat in Cardigan, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Corresponding flats in Cardigan with a long lease are worth £195,000. The ground rent is £45 yearly. The lease terminates on 21st October 2089
With 63 years unexpired we estimate the price of your lease extension to range between £16,200 and £18,600 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. 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. Please do not take any other action placing reliance on this information before getting professional advice.