My fiance and I are intent on purchasing a maisonette in St Asaph. My Conveyancer has never been on on the mortgage company approved panel. Can I still appoint my St Asaph conveyancing solicitor even though they are excluded from the bank list of approved lawyers?
Various options include
- Proceed with your chosen St Asaph conveyancer but your bank will undoubtedly retain a conveyancer on their conveyancing panel. The net result is additional cost together with potential frustration.
- Choose a fresh conveyancing practitioner to act in the purchase, ensuring that they are on the lender conveyancing panel.
- Appeal to your conveyancing practitioner to attempt to join the bank panel
Finally the sale completed on my house in St Asaph last September but the buyer keeps calling every few hours complaining that his conveyancer needs to hear from mine. What are the post completion sale formalities following completion?
Post completion of your disposal your lawyer is duty bound to forward the transfer deeds and all supplemental paperwork to the purchaser's lawyers. Depending on the transaction, your lawyer should also send confirmation that the mortgage has been paid off to the buyers solicitors. There is unlikely to be post completion tasks peculiar conveyancing in St Asaph.
About to place an offer on a leasehold flat in St Asaph. The selling agents assure me that it is normal for flats in St Asaph to have less than 75 years unexpired on the lease. I am taking out a loan with Platform. Will the property be mortgageable given that the lease has Seventy One years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 20/9/2022 the requirements read as follows :
I need some fast conveyancing in St Asaph as I am faced with a deadline to exchange contracts inside 4 weeks. A mortgage is not required. Can I decline from having conveyancing searches to save fees and time?
If.Given you are are a mortgage free buyer you have the choice not to have searches carried out although no lawyer would suggest that you don't. Drawing on our experience of conveyancing in St Asaph the following are examples of issues that can arise and therefore affect future mortgageability: Enforcement Actions, Overdue Fees, Overdue Grants, Unadopted Roads,...
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. St Asaph is the location of the property. Can you shed any light on this issue?
Flying freeholds in St Asaph are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside St Asaph you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in St Asaph 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 tempted by the attractive purchase price for a couple of flats in St Asaph which have about 50 years left on the leases. Do I need to be concerned?
There are plenty of short leases in St Asaph. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena.
I am the registered owner of a 2 bed flat in St Asaph, conveyancing was carried out in 2006. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in St Asaph with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease finishes on 21st October 2074
With 52 years remaining on your lease we estimate the premium for your lease extension to span between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.