Have just purchased a repossessed house at auction in Cowbridge. Conveyancing is needed. What is next?

Given that you have now exchanged you should retain a conveyancing lawyer as a matter of priority as you will have a tight a fixed date to complete the transaction. Every auction property should have a corresponding legal set of papers. This will likely include most,if not all of the documents that your lawyer will need. In the case of leasehold premises the conveyancing pack should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to leasehold premises. You should hand this to your appointed conveyancing solicitor as soon as possible. You also need to ensure that that you have the requisite funding in order to complete the transaction on the set completion date.

Are all Cowbridge Conveyancing Quality Solicitors on the Co-operative conveyancing list of approved solicitors?

It is true that some banks and building societies now utilise CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their panels.

I'm in the process of viewing flats in Cowbridge and I am about to put in an offer. Should I already have a conveyancer in place at this stage? I will be getting a mortgage with Leeds Building Society.

It would be wise to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. Given that you are taking out a mortgage with Leeds Building Society, ask your prospective lawyers if they are on the Leeds Building Society conveyancing panel otherwise they can't do the mortgage legal work.

My partner and I are downsizing from our property in Cowbridge and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. Any high street Cowbridge conveyancer would know this is not the case. For the life of me I don't know why the purchasers are using a nationwide conveyancing outfit rather than a conveyancing solicitor in Cowbridge. We have lived in Cowbridge for 4 years we know that this is a non issue. Should we get in touch with our local Authority to seek clarification that the buyers are looking for.

It sounds as though you may have a conveyancing firm currently acting for you. Are they able to advise? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)

It has been five months since my purchase conveyancing in Cowbridge completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

I am using a search engine for the phrase conveyancing in Cowbridge it reveals numerous property lawyersin the vicinity. With so much choice what is the best way to find the right conveyancer for me?

The best way of choosing the right conveyancer is via personal recommendation, so seek the guidance of colleagues and those you trust who have acquired a property in Cowbridge or the reputable estate agent or financial adviser. Charges for conveyancing in Cowbridge differ, so it's advisable to obtain a minimum of three quotes from varying types of conveyancers. Make sure that you clarify that the charges are assured not to increase.

I am attracted to a couple of maisonettes in Cowbridge which have in the region of forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Cowbridge is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of purchasers and banks, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Cowbridge conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Leasehold Conveyancing in Cowbridge - Sample of Queries Prior to Purchasing

The prefered form of lease structure is if the freehold reversion is in the ownership of the leaseholders. In this scenario the tenants have control and although a managing agent is usually retained where the building is bigger than a house conversion, the managing agent is directed by the tenants. Is the freehold reversion owned collectively by the tenants? How long is the Lease?