I am obtaining a mortgage with Lloyds. My intention is to employ the services of a Licensed Conveyancer in Betws Y Coed. Does the Lloyds Solicitor panel include conveyancers regulated by the CLC?
The Lloyds conveyancing panel is, like many other lenders, associated to the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I have an AIP. The lender mentioned the loan came with free conveyancing. Does this mean I have to instruct their panel lawyer as I would much rather use a Betws Y Coed based conveyancing firm?
You should check but the chances are that allocate you one of their panel lawyers should you take up the "fee-free" offer. Call the mortgage company to explore if they offer you a cash alternative. In the past a few lenders offered a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor in Betws Y Coed.
I'm buying a new build house in Betws Y Coed with the aid of help to buy. The builders refused to budge the price so I negotiated five thousand pounds worth of extras instead. The property agent advised me not to tell my solicitor about this deal as it will affect my loan with Skipton Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a leasehold apartment up to £195,000 and found one close by in Betws Y Coed I like with open areas and transport links nearby, the downside is that it only has 51 remaining years left on the lease. There is not much else in Betws Y Coed in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan the shortness of the lease may be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
How does the Landlord & Tenant Act 1954 affect my business premises in Betws Y Coed and how can you help?
The particular law that you refer to affords security of tenure to commercial tenants, granting the a statutory right to make a request to court for a renewal tenancy and continue in occupation when the lease reaches an end. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and handle your commercial conveyancing in Betws Y Coed
I own a leasehold house in Betws Y Coed. Conveyancing and Halifax mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Betws Y Coed who acted for me is not around. Any advice?
The first thing you should do is contact the Land Registry to make sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to instruct a Betws Y Coed conveyancing firm to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I own a basement flat in Betws Y Coed, conveyancing formalities finalised 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Betws Y Coed with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease comes to an end on 21st October 2082
You have 58 years remaining on your lease the likely cost is going to span between £22,800 and £26,400 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.