We went with a high street firm for our conveyancing in Radyr today. Looking through the terms of engagement I noteI am liable for charges even if the dealfalls through. Should I go with them or use a web based conveyancing company who offer no completion no cost conveyancing in Radyr?
Generally there is a compromise along the lines that if "No Completion No Fee" is available then the conveyancing charges will tend to be be more expensive to cover the conveyances that do not go ahead. Also remember that such arrangements rarely protect you from expenditure e.g. Radyr conveyancing search fees.
Do the conveyancing lawyers listed on your site execute conveyancing in Radyr by way of an attended exchange?
There are a few conveyancing specialists carrying out attended exchanges. Please e-mail us to receive a conveyancing quote and details as to dates.
How does conveyancing in Radyr differ for newly converted properties?
Most buyers of new build premises in Radyr contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because builders in Radyr usually acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Radyr or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Radyr is the location of the property. Is there any guidance you can impart?
Flying freeholds in Radyr are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Radyr you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Radyr may decide 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.
We're first time buyers - agreed a price, yet the selling agent has warned us that the seller will only proceed if we instruct their chosen lawyers as they need a ‘quick sale’. My instinct tells me that we should use a family solicitor accustomed to conveyancing in Radyr
It is improbable the owners are behind this. If they desire ‘a quick sale', taking such a hostile approach to a serious buyer is is going to put the whole deal at risk. Try to communicate with the sellers directly and make the point that (a)you are serious buyers (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you intend to appoint your own,trusted Radyr conveyancing solicitors - not the ones that will give their negotiator at the agency a referral fee or hit his conveyancing figures demanded by HQ.
I am tempted by the attractive purchase price for a two apartments in Radyr which have about fifty years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Radyr is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of buyers and banks, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Radyr conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a 2 bed flat in Radyr, conveyancing formalities finalised in 2006. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Radyr with an extended lease are worth £211,000. The ground rent is £45 levied per year. The lease finishes on 21st October 2088
With just 67 years remaining on your lease we estimate the price of your lease extension to range between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.