Our lawyer has discovered a a problem with the lease for the apartment we are buying in Cardigan. The other side have put forward title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner says that he must ensure that the lender is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
I bought my apartment on 4 March and the transaction details is yet to be registered. Any reason for this? My conveyancing solicitor in Cardigan advises it will be dealt with inside ten days. Are properties in Cardigan particularly slow to register?
There is nothing unique when it comes to conveyancing in Cardigan registration formalities. Rather than based on location, timeframes can differ subject to the party submitting the application, whether it is in order and if the Land registry must send notices to any third parties. Currently in the region of 80% of such applications are fully addressed within 12 days but some can be subject to extensive delays. Historically registration takes place once the purchaser is living at the property so 'speed' is not always primary concern but where it is urgent that the the registration takes place urgently then you or your solicitor can speak with the land registry and explain the circumstances.
I have been on the look out for a leasehold apartment up to £245,000 and found one near me in Cardigan I like with a park and station nearby, however it only has 51 years on the lease. There is not much else in Cardigan suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan the shortness of the lease will be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
I am looking into buying my first house which is in Cardigan and I am already nervous. I couldn't find anything specific about Cardigan. Conveyancing will be needed in due course but do you know about the Cardigan area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Cardigan. In the meantime here are some basic statistics that we found
I have today had an offer accepted on a leasehold flat in Cardigan and the estate agent that we are dealing with recommended his solicitor. They quoted a thousand pounds excluding VAT and 3rd party costs. Does this sound expensive?
You should not rely on a single quote. One should seek like-for-like quotes for your conveyancing in Cardigan. Then pick one that you are comfortable with and just as important, is on the approved list of the mortgage company that you have applied for a mortgage from.