My husband and I are buying a leasehold flat in Radyr. My lawyer is not on the lender solicitor list. Is it possible for me to use my Radyr conveyancing solicitor even though they are not on the bank list of approved lawyers?
You will need to appoint a lawyer to deal with the legal work required if you need a loan to purchase your property. The conveyancing practitioner will conduct all the relevant legal checks on the property, ensuring that you’re registered as proprietor and ensure that all the required mortgage paperwork is dealt with. One may instruct a Radyr solicitor of your choosing. Nevertheless, where the conveyancer selected is not on the bank solicitor panel further charges will be incurred as separate legal representation will be required by them. Bank panel applications may be submitted, so provided your solicitor has not in the past sought membership they should take the opportunity to apply.
I am the registered owner of a freehold premises in Radyr yet invoiced for rent, why is this and what is this?
It is rare for properties in Radyr and has limited impact for conveyancing in Radyr but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one round the corner in Radyr I like with amenity areas and station in the vicinity, the downside is that it's only got 51 years on the lease. I can't really find anything else in Radyr in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan that many years may be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
Do I need to be concerned that third parties that I am dealing with are suggesting a factory type conveyancing firm as opposed to a High Street Radyr conveyancing firm?
As with many professional services, often recommendations from family and friends can be extremely useful or valuable. But there are lots of players in a conveyancing transaction; estate agents, mortgage brokers and banks may put forward conveyancers to choose. Sometimes these lawyers might be known to one of the organisations as being good in their field, but occasionally there may be a financial incentive behind the endorsement. You have the right to appoint your own conveyancer. However, bear in mind that the majority of lenders specify a panel list of conveyancers you have to use for the lender related work in your house move.
Am I better off to instruct a Radyr conveyancing solicitor based in the location that I am hoping to buy? We have a good friend who can conduct the conveyancing but her office is over three hundred miles drive away.
The primary upside of using a local Radyr conveyancing practice is that you can pop in to sign documents, present your ID and pester them if necessary. They will also have local insight which is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and in the main were content that should trump using an unfamiliar Radyr conveyancing lawyer just because they are round the corner.
Can you provide any top tips for leasehold conveyancing in Radyr with the aim of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Radyr can be reduced where you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation needed by the purchasers’ conveyancers. You may think that you are aware of the number of years left on your lease but it would be wise to double-check by asking your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is under 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example installed wooden flooring? Radyr leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord acquiescing to such alterations. If you dont have the consents in place you should not communicate with the landlord without contacting your solicitor before hand. The majority of landlords or managing agents in Radyr charge for supplying management packs for a leasehold home. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Radyr.
Radyr Leasehold Conveyancing - Examples of Questions you should ask before Purchasing
Is the freehold reversion owned collectively by the leaseholders? Is anyone aware of any major works on the horizon that will likely add a premium to the maintenance charges? Are any of leasehold owners in dispute over their service charge payments?