I happen to be the only beneficiary of my late mum's will and I have everything in my name alone, including the my former home in St Athan. The St Athan property was put into my name in October. I now wish to sell up. I do know about the CML six month 'rule', meaning my proprietorship may be regarded the same way as if I'd bought the house in October. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook mandates solicitors 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 affected by that. Some banks would take a pragmatic view as this obligation principally exists to pick up on subsales or the wholesaling and assigning of property.
How can we know in advance if a St Athan conveyancing solicitor on the Principality panel is any good?
When it comes to conveyancing in St Athan seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advocate that you speak with the lawyer conducting your transaction.
We are getting a further advance on our home loan from Bank of Ireland as we want to conduct renovations to our house in St Athan. Are we obliged to select a nearby St Athan solicitor on the Bank of Ireland conveyancing panel to handle the legals?
Bank of Ireland do not ordinarily appoint firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Bank of Ireland panel.
What will a local search inform me concerning the house my wife and I buying in St Athan?
St Athan conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company for example Xpress Legal The local search plays an important role in most St Athan conveyancing purchase; as long as you wish to avoid any nasty surprises after you move into your property. The search will reveal data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
Just had an offer accepted on a new build apartment in St Athan. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in St Athan
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
I am looking for a leasehold apartment up to £245,000 and identified one close by in St Athan I like with a park and transport links nearby, the downside is that it's only got 61 years on the lease. I can't really find anything else in St Athan in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage that many years will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
What makes a St Athan lease defective?
Leasehold conveyancing in St Athan is not unique. Most leases are drafted differently and legal mistakes in the legal wording can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
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Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Skipton Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.
I own a 2 bed flat in St Athan, conveyancing formalities finalised 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in St Athan with a long lease are worth £195,000. The ground rent is £45 levied per year. The lease expires on 21st October 2089
With only 64 years remaining on your lease the likely cost is going to span between £14,300 and £16,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
At what point do I cover the costs of stamp duty chargeable for my St Athan house purchase?
The lawyer should complete a stamp duty return for you during your St Athan purchase transaction for you to sign. On completion your lawyer will submit the Land Transaction application to the Inland Revenue and - assuming they have the money - discharge any land tax payable for you.