All was ready to complete my purchase in Llandaff next Friday. 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 risks does the lender expect the insurance to cover?
Any lawyer on acting for mortgage companies 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 Part 2 instructions. These obligations are not unique to conveyancing in Llandaff.
Should lawyers ask for an advanced payment for my conveyancing in Llandaff?
If you are buying a property in Llandaff your solicitor will ask you to provide them with funds to cover the the cost of the conveyancing searches. Generally this is called for to cover the fees of the conveyancing searches. When the deposit is as part of the sale price then this will be asked for shortly prior to exchange of contracts. The closing balance that is due should be transferred a few days prior to the completion date.
I'm purchasing a new build house in Llandaff benefiting from help to buy. The sellers would not move on the amount so I negotiated 6k of extras instead. The sale representative told me not inform my solicitor about the side-deal as it may impact my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking for a leasehold apartment up to £245,000 and found one near me in Llandaff I like with amenity areas and railway links in the vicinity, the downside is that it only has 49 years on the lease. I can't really find anything else in Llandaff in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan the remaining unexpired lease term may be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
Is it possible to transfer to a new solicitor as I need to instruct a firm on the Clydesdale conveyancing list. I hired a local conveyancing solicitor in Llandaff five minutes from me but she is not accepted by Clydesdale
We will our best to assist in finding you a conveyancing solicitor in Llandaff on the Clydesdale panel. Please note that the property lawyers that we work with do not pay us a referral fee if you instruct them and are registered with the SRA who oversee all conveyancing solicitors in Llandaff. In utilising search facility on this page, you can compare costs for conveyancing solicitors in Llandaff and throughout England and Wales.
I've recently bought a leasehold property in Llandaff. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner 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).
I acquired a 1 bedroom flat in Llandaff, conveyancing having been completed May 2009. Can you work out an approximate cost of a lease extension? Corresponding properties in Llandaff with an extended lease are worth £185,000. The ground rent is £65 per annum. The lease comes to an end on 21st October 2083
With 60 years unexpired the likely cost is going to span between £20,000 and £23,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.