I can't travel far from Rudry. Please clarify why all Rudry conveyancers aren't included on all mortgage company panels?
Mortgage companies highlight the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud annually.The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its outcome included recommendations for lending institutions to review their conveyancing panels, which triggered a major policy change in the sector. This led to banks and building societies pruning a number of firms from their panel of approved solicitors .
At what point does exchange of contracts happen for residential conveyancing in Rudry and am I required to attend the solicitors office?
If you are round the corner to our conveyancing solicitors in Rudry you are invited in to sign contracts. That being said, the law practices we work with supply countrywide coverage for conveyancing and provide just as comprehensive and professional a job for you when dealing with you by post or email. The executing of the contract is not when everything is set in stone. Signing on the dotted line simply enables the firm to exchange contracts when the time is right, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Rudry)to be in the office at the appropriate time.
I have an AIP. The bank mentioned the loan came with free conveyancing. Does this mean I have to use their panel solicitor as I would much rather instruct a Rudry based conveyancing firm?
Do check but the chances are that give you one of their panel lawyers if you accept the "fee-free" offer. Contact the lender and ask if they make available a monetary alternative. Some mortgage companies have previously offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor near Rudry.
I am assisting my aunt sell her flat in Rudry. Will the conveyancing solicitor commission the energy performance certificate or should I organise this?
Following the demise of Home Packs, energy assessments became a mandatory part of selling a property. An energy assessment must be commissioned in advance of the property being marketed. This is not a task that solicitors ordinarily organise. Where you are using a Rudry conveyancing solicitor they may help arrange energy performance certificates due to their contacts with long established local assessors
My wife and I are in the throws of viewing flats in Rudry and I am now considering a potential offer. Should I already have a conveyancer in place at this stage? I will be getting a mortgage with Aldermore.
It would be sensible to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. As you are taking out a mortgage with Aldermore, ask your prospective lawyers if they are on the Aldermore conveyancing panel otherwise they can't do the mortgage legal work.
The mortgage over my property is with Barclays for my property in Rudry. Conveyancing has been completed months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Barclays?
Barclays must be informed of your intention before renting your property as this is likely to be a breach of Barclays’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Barclays directly. It should not be necessary to do this via a Barclays conveyancing panel firm.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a quick, no chain conveyancing. Rudry is the location of the property. Can you shed any light on this issue?
Flying freeholds in Rudry are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Rudry 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 Rudry may determine 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 residence.
I am a negotiator for a busy estate agency in Rudry where we have experienced a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Rudry conveyancing solicitors. Please can you confirm whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I invested in buying a 1 bedroom flat in Rudry, conveyancing was carried out 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Rudry with a long lease are worth £265,000. The ground rent is £50 invoiced annually. The lease terminates on 21st October 2101
You have 76 years left to run we estimate the price of your lease extension to span between £8,600 and £9,800 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account 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 before seeking the advice of a professional.