Is the fact that my solicitor in Cardiff Bay is not identified on my bank's solicitor panel that there is a problem with the standard of his conveyancing?
It would be unwise to jump to that conclusion. There are plenty of reasonable explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Cardiff Bay conveyancing firm and ask them why they are no longer on the approved list for your lender.
Our grandson is purchasing a new build apartment in Cardiff Bay with a mortgage from Co-operative. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Co-operative conveyancing panel as a standard part of the process, and to the surveyor when asked. 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 Co-operative conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am buying a victorian detached house in Cardiff Bay. Our aim is to carry out an extension to the side at the property.Will legal due diligence on the property include enquiries to determine if these alterations were previously refused?
Your solicitor should check the deeds as conveyancing in Cardiff Bay will sometimes reveal restrictions in the title documents which restrict categories of works or need the consent of a 3rd party. Some extensions need local authority planning consent and approval in compliance with building regulations. Certain locations are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. You should check these things with a surveyor ahead of any purchase.
When it comes to mortgage companies such as HSBC, do Cardiff Bay solicitors have to pay an annual charge to be on the list of approved solicitors?
We are not aware of any bank fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
We previously chose conveyancers located in Cardiff Bay on the Coventry BS solicitor approved list. They are now charging me a separate amount for handling the Coventry BS mortgage. Is this a supplemental conveyancing fee specified by Coventry BS?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your conveyancer can levy a fee for this. The fee is not set by Coventry BS but by your Cardiff Bay lawyer. Plenty of firms on the Coventry BS panel will levy ’dealing with mortgage’ fee and others do not.
I am looking for a flat up to £305k and found one near me in Cardiff Bay I like with open areas and transport links in the vicinity, however it's only got 61 years unexpired on the lease. I can't really find anything else in Cardiff Bay for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a mortgage that many years may be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I today plan to offer on a house that appears to be perfect, at a great price which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Cardiff Bay. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Cardiff Bay ?
Most houses in Cardiff Bay are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can assist with the conveyancing process. it is apparent that you are buying in Cardiff Bay in which case you should be shopping around for a Cardiff Bay conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer should advise you fully on all the issues.
Cardiff Bay Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
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It would be prudent to discover as much as possible concerning the managing agents as they will either make living at the property much simpler or problematic. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to daily matters such as the cleanliness of the common parts. Ask other people what they think of them. In conclusion, be sure you understand the dates that you are obliged pay the service charge to the managing agents and specifically what you get for your money. This question is important as a) areas could cause problems in the block as the common areas may start to deteriorate where repairs are not paid for b) if the leaseholders have an issue with the managing agents you will wish to have complete disclosure Does the lease include onerous restrictions?
My fiance is buying a studio flat in Cardiff Bay. He was given a quote by the conveyancer connected to the selling agents and it came to £1245 . It was 7 years ago since I sold and purchased a property and it cost was £440. Have charges really gone up that much?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for instance Cardiff Bay searches, land registry fees, etc)