My wife and I are intent on buying a leasehold flat in Snowdonia. My Conveyancer is not on the lender solicitor list. Is it possible for me to use my Snowdonia conveyancing solicitor notwithstanding that they are not on the mortgage company panel of approved conveyancing solicitors?
You have a couple of alternatives open to you here
- Complete the purchase with your existing Snowdonia lawyer but your mortgage company will no doubt instruct a solicitor from their approved panel. The net result is additional cost and likely interruption.
- Appoint a new property lawyer to act in the purchase, ensuring that they are on the mortgage company conveyancing panel.
- Convince your conveyancer to do everything within their powers to join the mortgage company conveyancing panel
How up to date is your search tool for Snowdonia conveyancing solicitors on the Coventry BS conveyancing panel? Do Coventry BS send you an updated list?
Snowdonia conveyancing firms themselves provide us confirmation that they are on the Coventry BS conveyancing panel as opposed to being supplied with a list from Coventry BS directly.
My conveyancer has informed me that lack of building regulations insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Snowdonia?
The right level of lack of building regulations indemnity insurance should be dictated by who who your lender is. It would differ for example between Yorkshire Building Society and The Royal Bank of Scotland. Conveyancing lawyers as opposed to borrowers take out such insurances.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Snowdonia building society branch on various occasions and was advised it wasn't a problem and they will lend. My Snowdonia conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Provided that the property lawyer is on the mortgage company panel, she or he must comply with the CML Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am selling my flat. I had a double glazing fitted in March 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Leeds Building Society are being difficult. The Snowdonia solicitor who is on the Leeds Building Society conveyancing panel is recommending indemnity insurance as a solution but Leeds Building Society are insisting on a building regulation certificate. Why do Leeds Building Society have a conveyancing panel if they don't accept advice from them?
It is probably the case that Leeds Building Society have referred the matter to their valuer. The reason why Leeds Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Are there restrictive covenants that are commonly identified as part of conveyancing in Snowdonia?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Snowdonia. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a quick, no chain conveyancing. Snowdonia is where the house is located. Is there any guidance you can impart?
Flying freeholds in Snowdonia are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Snowdonia you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Snowdonia may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I've recently bought a leasehold flat in Snowdonia. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Snowdonia - Examples of Questions you should ask before buying
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How many years are left on the lease? It would be prudent to find out as much as you can concerning the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to every day issues like the tidiness of the communal areas. You should not be shy to ask other tenants what they think of them. In conclusion, be sure you know the dates that the service fees are due to the managing agents and precisely what you get for your money. Can you tell me if there are any major works in the planning that could increase the service fees?