I am expecting a offer of a home loan from Lloyds. I hope to enlist the help of a Licensed Conveyancer in Cardiff Bay. Does the Lloyds Conveyancing panel allow for conveyancers regulated by the CLC?
The Lloyds approved solicitor list is, like many other lenders, represented by the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
My wife and I are purchasing a new build flat in Cardiff Bay and my solicitor is telling me that she is duty bound to the mortgage company to reveal incentives from the developer. I am on a tight deadline to exchange contracts and I don't want to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
It is 10 years ago since I acquired my property in Cardiff Bay. Conveyancing lawyers have now been appointed on the sale but I can't locate the title documents. Will this jeopardise the sale?
Don’t worry too much. Firstly there is a possibility that the deeds will be with the mortgage company or they may be in the possession of the solicitor who acted in your purchase. Secondly the chances are that the title will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers obtaining up to date copy of the land registers. Most conveyancing in Cardiff Bay involves registered property but in the unlikely event that your home is unregistered it adds to the complexity but is not insurmountable.
I have an AIP. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to use their panel conveyancer as I would much rather instruct a high street conveyancing solicitor in Cardiff Bay?
You should check but the the probability is that allocate you one of their panel conveyancers if you take up the "fee-free" offer. Contact the lender to check if they make available a cash alternative. In the past a few lenders offered a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor in Cardiff Bay.
Due to the guidance of my in-laws I had a survey completed on a property in Cardiff Bay before instructing conveyancers. I have been told that there is a flying freehold overhang to the house. My surveyor has said that some mortgage companies tend refuse to issue a mortgage on such a house.
It varies from the lender to lender. Lloyds has different instructions from Birmingham Midshires. Should you wish to call us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Cardiff Bay. Conveyancing may be slightly more expensive based on your lender's requirements.
There are only 68 years remaining on my lease in Cardiff Bay. I need to extend my lease but my freeholder is can not be found. What options are available to me?
If you meet the appropriate requirements, 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 extended by the magistrate. You will be obliged to prove that you have done all that could be expected to find the freeholder. In some cases an enquiry agent would be helpful to try and locate and to produce an expert document which can be used as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Cardiff Bay.
I own a ground floor flat in Cardiff Bay, conveyancing was carried out in 2008. How much will my lease extension cost? Similar flats in Cardiff Bay with a long lease are worth £185,000. The ground rent is £65 invoiced every year. The lease terminates on 21st October 2084
You have 60 years remaining on your lease we estimate the price of your lease extension to be between £20,000 and £23,000 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns 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 without first seeking the advice of a professional.