What is the first thing I need to know regarding purchase conveyancing in Crickhowell?
You may not hear this from too many lawyers but conveyancing in Crickhowell and elsewhere in Powys is often a confrontational experience. Put another way, when it comes to conveyancing there is an abundance of opportunity for conflict between you and other parties involved in the house moving process. For instance, the seller, estate agent and sometimes your mortgage company. Appointing a solicitor for your conveyancing in Crickhowell is a critical decision as your conveyancer is your adviser, and is the ONE person in the transaction whose interest is to protect your best interests and to protect you.
Sometimes a third party with a vested interest will try and convince you that it is in your interests to do things their way. For instance, the selling agent may claim to be helping by suggesting your conveyancer is wrong. Or your financial adviser may tell you to do something that is against your lawyers guidance. You should always trust your lawyer above all other parties in the conveyancing process.
My aunt informed me that in purchasing a property in Crickhowell there may be a number of restrictions affecting the ability to carry out external alterations to the property. Is this right?
We are aware of a number of properties in Crickhowell which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Crickhowell should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Are all Crickhowell Conveyancing Quality Solicitors on the Yorkshire BS conveyancing panel?
It is true that some lenders now use CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of firms.
Completion of my purchase has taken place for my property in Crickhowell. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
three months have elapsed following my purchase conveyancing in Crickhowell completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a flat up to £235,500 and found one round the corner in Crickhowell I like with a park and railway links nearby, however it only has 51 remaining years left on the lease. I can't really find anything else in Crickhowell suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan that many years will be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
I am looking at a couple of apartments in Crickhowell both have approximately forty five years left on the lease term. should I be concerned?
A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the marketability of the lease deteriorates and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena.
I invested in buying a leasehold flat in Crickhowell, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Crickhowell with an extended lease are worth £179,000. The ground rent is £65 per annum. The lease finishes on 21st October 2082
With 57 years left to run we estimate the price of your lease extension to span between £26,600 and £30,800 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.
Why am I unable to complete my conveyancing in Crickhowell on May bank holiday?
This is due to the fact that on completion the sale price needs to pass between the banks of the purchaser and seller's conveyancer and at present this can only happen on a business day. So you can't complete on a saturday or sunday either.