Me and my partner are about to exchange buying a house in Kidwelly but as a result of wreckage from some water damage at the property I have was able negotiate compensation from the owner of six thousand pounds by way of a deduction in the price. This was going to be addressed as part of the conveyancing process however Barclays are not allowing this. Why were they approached?
The conveyancing practitioner being on the Barclays conveyancing panel is duty bound to inform Barclays of any changes to the sale price. If you prohibit your conveyancing practitioner to disclose the price change to Barclays then they would have to discontinue acting for you. In addition, Barclays and you would have to appoint a new conveyancer for your conveyancing in Kidwelly.
Is it the case that all Kidwelly CQS (Conveyancing Quality Scheme) solicitors are on the Virgin Money conveyancing panel?
Some major lenders now make use of the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of conveyancing solicitors.
I can not work out if my mortgage offer requires a lease extension. I have called my Kidwelly building society branch on numerous occasions and was advised it wasn't a problem and they will lend. My Kidwelly conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they will not lend in accordance with their specific requirements. Who do I believe?
Provided that the lawyer is on the lender approved list, she or he must comply with the Council of Mortgage Lenders’ Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
After shopping around on the internet I have found a Kidwelly conveyancing practitioner having checked that they are on the HSBC conveyancing panel. Does my lawyer arrange the survey of the property?
HSBC will need an independent valuation of the property. Your lawyer will not arrange this. Usually HSBC will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Kidwelly surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I have been told that property searches are the main cause of hinderance in Kidwelly house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances in the conveyancing process. Searches are unlikely to feature in any holding up conveyancing in Kidwelly.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a straight forward, chain free conveyancing. Kidwelly is where the house is located. What do you suggest?
Flying freeholds in Kidwelly are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Kidwelly you would need to get your solicitor to go 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 Kidwelly may ascertain 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.
I am on look out for some leasehold conveyancing in Kidwelly. Before I get started I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Kidwelly - then the leasehold title will always include the basic details 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 purchased a 1 bedroom flat in Kidwelly, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Kidwelly with over 90 years remaining are worth £201,000. The ground rent is £45 invoiced every year. The lease runs out on 21st October 2090
With only 65 years left to run we estimate the premium for your lease extension to span between £13,300 and £15,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to 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 do I have to send my property lawyer with numerous items of ID before they can proceed with selling or buying a property in Kidwelly?
Kidwelly solicitors are duty bound by the Law Society, SRA, the Land Registry and current Money Laundering Regulations to record that the have checked the identity of their clients. It is also sometimes a requirement of your mortgage offer. In addition they have to complete various forms, particularly those relating to SDLT and need to have details such as your full names, national insurance number and DOB.