I am considering applying for a Leeds Building Society mortgage for purchase of a new build (under development) in Abergele with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Leeds Building Society ?
There is nothing to stop you using your solicitor, but Leeds Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I have been advised by my lawyer that chancel insurance is needed on my purchase. What is the level of cover for Abergele conveyancing?
The right level of chancel indemnity insurance depends on who your lender is. It would differ for example between Barclays and Virgin Money. Conveyancing lawyers as opposed to borrowers take out such policies.
When it comes to lenders such as Virgin Money, do Abergele conveyancers face an annual charge to be on the list of approved solicitors?
We are not aware of any bank fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
The formalities of my purchase has taken place for my property in Abergele. Conveyancing was satisfactory but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
Most lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. We understand that complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
3 months have gone by since my purchase conveyancing in Abergele concluded. I have checked the Land Registry website 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 residence 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.
How does conveyancing in Abergele differ for new build properties?
Most buyers of new build premises in Abergele contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Abergele typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Abergele or who has acted in the same development.
What advice can you give us when it comes to choosing a Abergele conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Abergele conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Abergele conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
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How many lease extensions has the firm conducted in Abergele in the last 12 months?
Leasehold Conveyancing in Abergele - Examples of Queries before buying
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Its a good idea to discover as much as you can about the company managing the block as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you are often in the clutches of the managing agents both financially and when it comes to daily matters such as the tidiness of the common parts. Enquire of other tenants if they are happy with their management. In conclusion, find out the dates that the maintenance fees are due to the managing agents and specifically how they are spending that money. Is the freehold owned jointly by the tenants? It is important to be aware if window replacement or some other major work is due in the near future that will be shared amongst the leasehold owners and could well materially impact the level of the maintenance costs or require a specific invoice.
The property lawyers conducting our conveyancing in Abergele has forwarded papers to review that reveal that the property is unregistered with epitome documents. Is it not the case that all property in Abergele are registered?
Although most properties in Abergele are now registered with the Land Registry there are still a few that remain unregistered. Any property in Abergele that has been transferred since the late 1980’s will have been registered at the Land Registry under the compulsory ‘first registration’ scheme. However, if a Abergele property has not changed hands in that time then it’s likely the old fashioned title deeds will be the only evidence of ownership.Many Abergele conveyancing solicitors will be able to handle such matters but in the event that uncertainty exists the conventional advice presently seems to be for the seller to deal with the registration formalities first and then sell - this will have a knock on effect to result in a protracted home move.