My lawyer in Towyn is not listed on the Bank of Scotland Conveyancing Panel. Is it possible for me to use my prefered solicitor notwithstanding that they are excluded from the Bank of Scotland approved list?
The limited options available to you here include:
- Complete the purchase with your existing Towyn solicitors but Bank of Scotland will need to instruct a lawyer on their list of acceptable firms. This will inevitably rack up the total conveyancing fees and cause delays.
- Choose an alternative solicitor to act in the conveyancing, not forgetting to check they are on the Bank of Scotland panel
Forgive me if this question is silly but I am unexperienced as a first time purchaser of a two bedroom flat in Towyn. Do I collect the keys to the premises on the completion date from my solicitor? If this is the case, I will appoint a High Street conveyancing solicitor in Towyn?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the purchase money to the seller's solicitors, and once they have received this, you should be invited to collect the keys from the property Agents and move into your new home. Usually this occurs early afternoon.
I have decided to exercise my right to buy my property in Towyn off the council. I have a mortgage agreed with Clydesdale. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Clydesdale, you will need to appoint a solicitor on the Clydesdale conveyancing panel.
I recently had an offer agreed on a house in Towyn. My mortgage broker pressured me to appoint their conveyancer. I paid an on account payment of £225. Shortly after, the conveyancer contacted me to say that they were not on the Santander conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Santander panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I have been told that property searches are a common reason for hinderance in Towyn conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays in the conveyancing process. Local searches are not likely to feature in any holding up conveyancing in Towyn.
I opted to have a survey done on a house in Towyn in advance of retaining solicitors. I have been informed that there is a flying freehold element to the property. Our surveyor advised that some mortgage companies will not give a loan on a flying freehold home.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. Should you wish to telephone us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Towyn. Conveyancing will be smoother if you use a solicitor in Towyn especially if they are accustomed to such properties in Towyn.
I am looking at a couple of maisonettes in Towyn which have in the region of fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Towyn. The lease is a right to use the property for a period of time. As a lease shortens the value of the lease decreases and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena.
I inherited a split level flat in Towyn, conveyancing formalities finalised July 2003. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Towyn with an extended lease are worth £195,000. The ground rent is £45 invoiced every year. The lease ceases on 21st October 2088
With 64 years left to run we estimate the premium for your lease extension to be between £14,300 and £16,400 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
I am contemplating using a web based property lawyer as opposed to a Towyn conveyancing practice. Should I ‘stay local’?
There are advantages of being able to attend a local Towyn conveyancing solicitor for example
- signing papers and and when necessary
- getting one on one explanations of things you don't understand
- the ability to complain if things go pear-shaped
When analysing estimates, look carefully for hidden extras. The majority decent Towyn high street solicitors give an all-inclusive price. Often online agents seem to offer low cost prices, yet have burried 'extras' in the fine print.