All was ready to move into my new home in Cardiff Bay next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What does the insurance need to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These requirements are not unique to conveyancing in Cardiff Bay.
Can I use your services to recommend a Conveyancing solicitor in Cardiff Bay even if I’m not purchasing or disposing of a house, for example where I wish to acquire a shop in Cardiff Bay with a loan from The Mortgage Works?
The service is mainly utilised to select domestic conveyancing solicitors in Cardiff Bay but we have listed at the bottom of this page some Cardiff Bay commercial conveyancing firms. You will need to make contact with the firm directly to establish if they can also act for The Mortgage Works
I completed on my home on 3 July and the transaction details is yet to be on the land registry website. Any reason for this? My conveyancing solicitor in Cardiff Bay said it would be dealt with in less than a month. Are titles in Cardiff Bay particularly slow to register?
As far as conveyancing in Cardiff Bay is concerned, registration is no faster or slower than anywhere else in the country. As opposed to being determined by geographic area, timescales can vary depending on the party submitting the application, whether there are errors and if the Land registry communicate with any third persons or bodies. Currently in the region of three quarters of submission are completed within 12 days but occasionally there can be longer delays. Historically registration is effected after the new owner has moved in to the property so registration formalities is not typically an essential issue but if there is a degree of urgency associated with the registration then you or your lawyers should speak with the land registry and explain the circumstances.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Cardiff Bay is where the house is located. Can you offer any opinion?
Flying freeholds in Cardiff Bay are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Cardiff Bay you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cardiff Bay may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Last November I purchased a leasehold flat in Cardiff Bay. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Cardiff Bay Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
Does the lease include onerous restrictions? What is the the remaining lease term? The answer will be helpful as a) areas may result in problems for the building as the common areas may begin to deteriorate where repairs are not paid for b) if the tenants have an issue with the managing agents you will want to have all the details
Are Cardiff Bay conveyancing solicitors duty bound by the Law Society to publish clear conveyancing figures?
Contained within the Solicitors Code of Conduct are specific rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their fees to clients.The Law Society have a practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, however, constitute the Law Society’s perspective of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Cardiff Bay or across England and Wales.