Our son-in-law is in the process of securing a newly built flat in Cardiff with a mortgage from UBS. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the UBS conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the UBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My wife and I are spending time viewing houses in Cardiff and I am now considering a potential offer. Is it too early to have a solicitor in place? I intend to finance via a home loan with Skipton.
It would be wise to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the selling agent. As you are seeking a mortgage with Skipton, make sure you remember to check that your lawyer is on the Skipton conveyancing panel.
I have a mortgage with Co-operative for my property in Cardiff. Conveyancing has been completed 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Co-operative?
You must advise Co-operative before letting out your property as this is likely to be a breach of Co-operative’s mortgage conditions. It may be that Co-operative will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Co-operative directly. It should not be necessary to do this via a Co-operative conveyancing panel lawyer.
I am selling my flat. I had a double glazing fitted in July 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Principality are being difficult. The Cardiff solicitor who is on the Principality conveyancing panel is recommending indemnity insurance as a solution but Principality are insisting on a building regulation certificate. Why do Principality have a conveyancing panel if they don't accept advice from them?
It is probably the case that Principality have referred the matter to their valuer. The reason why Principality may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
About to purchase a new build flat in Cardiff. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Cardiff
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Please supply a car parking plan. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. 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.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one near me in Cardiff I like with amenity areas and station in the vicinity, the downside is that it's only got 61 years unexpired on the lease. There is not much else in Cardiff for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage the remaining unexpired lease term will likely be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
I am downsizing from my property. My past lawyers have shut. I am in need of a recommendation of a conveyancing firm. I happen to live in Cardiff if that affects matters.
Please use our search tool to help you find a solicitor for your conveyancing in Cardiff. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
We expect to complete the sale of our £400,000 maisonette in Cardiff on Tuesday in a week. The managing agents has quoted £324 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Cardiff?
Cardiff conveyancing on leasehold flats more often than not requires the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to answer these enquiries the majority will be willing to assist. They may levy a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee required by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, without which the invoice is not strictly payable. Reality however dictates that one has no choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I own a ground floor flat in Cardiff, conveyancing was carried out in 2008. How much will my lease extension cost? Similar flats in Cardiff with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease expires on 21st October 2084
With just 59 years remaining on your lease we estimate the premium for your lease extension to be between £20,900 and £24,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.