Me and my husband are buying a ground floor flat in Talsarnau. My Conveyancer is not on the bank solicitor list. Can I still continue with my Talsarnau conveyancing solicitor notwithstanding that they are excluded from the bank list of approved lawyers?
You have a number of options available to you here
- Complete the deal with your preferred Talsarnau conveyancing practitioner but your mortgage company will need to use a conveyancer on their approved panel. This will result in additional fees and probable interruption.
- Choose a fresh solicitor to conduct the conveyancing, obviously checking they are on the bank conveyancing panel.
- Appeal to your property lawyer to attempt to join the bank panel
I am selling my home in Talsarnau. Does the lawyer need to be required to be on the Kent Reliance conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Kent Reliance conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently currently.
Should my solicitor be raising questions concerning flooding as part of the conveyancing in Talsarnau.
The risk of flooding is if increasing concern for lawyers dealing with homes in Talsarnau. Some people will purchase a house in Talsarnau, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the premises. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, however there are a number of searches that may be undertaken by the buyer or by their lawyers which will figure out the risks in Talsarnau. The conventional set of property information forms sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a standard question of the seller to find out if the premises has suffered from flooding. If the premises has been flooded in past and is not notified by the seller, then a purchaser could bring a compensation claim resulting from an inaccurate answer. The buyer’s conveyancers will also carry out an environmental report. This should reveal if there is a recorded flood risk. If so, additional investigations should be conducted.
I bought my apartment on 7 July and my personal details are still not registered. Need I be worried? My conveyancing solicitor in Talsarnau expressed confidence that it will be formalised in less than a month. Are titles in Talsarnau particularly slow to register?
As far as conveyancing in Talsarnau registration is no faster or slower than anywhere else in the country. Rather than based on location, timescales can differ subject to who lodges the application, whether it is in order and whether the Land registry communicate with any interested parties. At present approximately 80% of such applications are fully addressed within two weeks but some can be subject to protracted hold-ups. Historically registration takes place after the new owner is living at the premises so 'speed' is not typically an essential issue but if there is a degree of urgency associated with the registration then you or your lawyers can speak with the land registry and explain the circumstances.
Helen (my wife) and I may need to sub-let our Talsarnau garden flat for a while due to taking a sabbatical. We used a Talsarnau conveyancing practice in 2003 but they have closed and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
A small minority of properties in Talsarnau do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I acquired a 2 bed flat in Talsarnau, conveyancing formalities finalised in 2001. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Talsarnau with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 levied per year. The lease runs out on 21st October 2080
With only 55 years remaining on your lease the likely cost is going to range between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
I own a leasehold flat in Talsarnau. Conveyancing was finalised in last year. I have heard that I mustn’t allow the the remaining lease term to fall too low. Why is that a problem?
Talsarnau domestic long term leases are for a prescribed period - usually 99 years when they commenced. However a significant appartments in Talsarnau were built or converted 25 or more years ago and so these leases now have under eighty years unexpired. That may seem like plenty of time but Banks, Building Societies and other mortgage companies generally require leases to have at least 75 years remaining to be mortgageable. Accordingly when you come to sell the property you will need to extend the term of your lease if you are approaching eighty years. To increase your property value you should be considering whether or not to extend your lease long before you come to sell it. Please note that there are significant benefits to doing so before the lease reaches even 80 years as when the lease falls below eighty years the amount you have to pay to extend starts to escalate.