At what point can the exchange of contracts occur in residential conveyancing in Fishguard and am I required to attend the conveyancers branch?
Where you are in close proximity to one of the conveyancing solicitors in Fishguard you are invited in to sign documents. However, the law practices we recommend provide a nationwide conveyancing service and give just as comprehensive and professional a job for you when dealing with you electronically. The signing of the purchase agreement is not the point of no return. Signing on the dotted line is just a prerequisite for the conveyancer to address the formalities at the appropriate time, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Fishguard)to be in the office at the appropriate time.
Do the Building Society Association intend to launch a searchable register to to identify law firms on the Loughborough BS conveyancing panel for example in Fishguard?
We are not aware of any intention on the part of the BSA to develop such a search facility.
Due to the guidance of my in-laws I had a survey completed on a property in Fishguard ahead of instructing solicitors. I have been advised that there is a flying freehold overhang to the property. The surveyor advised that some banks may not grant a mortgage on this type of house.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. If you contact us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Fishguard. Conveyancing will be smoother if you use a solicitor in Fishguard especially if they are familiar with such properties in Fishguard.
In what way does the Landlord & Tenant Act 1954 affect my business property in Fishguard and how can you help?
The particular law that you refer to gives a safeguard to business lessees, granting the dueness to apply to court for a continuation of occupancy at the end of the lease term. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Fishguard is one of the many locations in which our lawyers are located
I am on look out for some leasehold conveyancing in Fishguard. Before diving in I would like to find out the remaining lease term.
Assuming the lease is registered - and almost all are in Fishguard - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I own a garden flat in Fishguard, conveyancing was carried out 4 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Fishguard with a long lease are worth £186,000. The ground rent is £55 invoiced annually. The lease expires on 21st October 2077
With only 52 years left to run the likely cost is going to be between £29,500 and £34,000 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
I own a leasehold flat in Fishguard. Conveyancing was completed in last year. I have read on numerous advice forums that I mustn’t allow the the remaining lease term to fall too low. What is the reasoning?
Fishguard domestic long term leases are for a prescribed term - usually ninety nine years when they are first granted. However many flats in Fishguard were built or converted in the 60’s and so such leases now have under eighty years unexpired. That may seem like plenty of time however Banks, Building Societies and other mortgage companies on the whole need leases to have a minimum of seventy five years left to be mortgageable. This means that when you come to sell the property you will need to extend the term of your lease if you are nearing eighty years. To maximise the saleability of your property you should be thinking about whether to extend your lease well in advance of selling the property. You should note that there are significant benefits to doing so before the lease hits eighty years as when the lease is below eighty years the premium you have to pay to extend starts to escalate.