Should I get my short lease extended before selling?
Buyers are becoming increasingly wary of buying leaseholds with less than 90 years to run because, first, the cost of increasing a leasehold is becoming far more expensive, and, second, mortgage companies are becoming increasingly reticent to lend money to buy leases that have dropped below the 80-year mark (indeed, this will be one of the criteria that they set to ensure their investment is protected).
As a result, buyers will often insist that the leasehold be extended back up to the 99-year or 125-year typical thresholds before going ahead and buying it. So, as the current leaseholder, you will almost certainly be expected to do the legal work required to extend the lease to a level that buyers will be happy with.
Are there any disadvantaged areas in Newport?
Newport disadvantaged areas are identified by ward. Disadvantaged areas in and around Newport are Shaftesbury, Victoria, Pillgwenlly, Tredegar Park, Bettws, Ringland, Alway, Stow Hill and Gaer. Update: As of the 2013/14 tax year, stamp duty relief for disadvantaged areas is no longer available.
Which of the mortgage lender panels in Newport are you on?
Of lenders with local branches in Newport, Homeward Legal work with the vast majority. Local mortgage lenders and brokers include Monmouthshire Building Society, John Frost Sq, Newport, NP20 1PX, Monmouthshire Building Society, 234 Stow Hill, Newport, NP20 4HA, and City Property Mortgages, 234 Corporation Rd, Newport, NP19 0DZ.
How much time should conveyancing to purchase an apartment need? The property is also local.
On average, the number of weeks needed to transfer a property may vary, with reference to numerous considerations including whether the property is leasehold. We strive to ensure a sale, purchase or transfer of equity is undertaken as quickly as possible.
Would ordering a building survey be required when we are purchasing property in Newport?
It is suggested that you order a building survey. There are a range of defects that can negatively affect a property, which will not be addressed during a property valuation. These can include cracks in walls and dry rot.
What specific things do I need to look out for if I’m buying a house on the coast?
With worsening weather and floods now becoming increasingly commonplace, with the media remarking on it in depth, buying a property that has a likelihood of flooding is a difficult decision to make. Not only is there the issue of cleaning up if it does flood, but insurance premiums will be much higher (and perhaps even prohibitive).
For homes in coastal areas, there is also the problem of coastal erosion, where some properties have been seen to literally fall into the sea.
However, the good news is that picking a home in a coastal region doesn’t automatically mean that it’s going to be subject to flooding or that it’s eventually going to slip into the sea. The searches ordered by your conveyancing solicitor will identify the level of risk associated with the property and, based on this, your solicitor may recommend that you take out specialist reports (e.g. from Landmark or other organisations) to get a more in-depth description of the risks and options. These are in addition to the standard set and will be charged to you as a disbursement at cost.
Your surveyor will also be able to identify evidence of previous floods and other problems during their inspection and provide advice in their report. If the problems are considered sufficiently severe, the surveyor may also note the specifics for further investigation by your conveyancing solicitor.
Will we need a chancel search if I am buying in the parish of Llanwenarth?
The property lawyer may suggest that a chancel search is ordered. In Newport's much older areas, chancel repair has the potential to be imposed on the current owners of a property where Parochial Church Councils (PCCs) have not imposed the same liability on the last owners, so indemnity insurance may be advisable even if liability is unlikely.
If Newport contaminated land is found in an environmental search, can the top soil be remedied?
If land has been contaminated by previous industrial use, remediation can often be possible. Contact a Newport specialist including South Wales Turf & Topsoil, Spring Court Farm, Coedkernew, Newport, NP10 8UF for additional information.