We are a couple about to sign contracts for a garden flat in Bala. We have hit a problem. The mortgage offer with National Westminster Bank expires on 10/10/2025 but the vendors are putting forward a completion date of 14/10/2025. Can one prolong the loan offer?
The person best placed to deal with your issue is your solicitors who will calculate if he or she is should be discussing with the lender, seller’s solicitors, estate agents or possibly all three based on what has gone on in your conveyancing to date.
My house in Bala is up for sale and I have a buyer. Does my property lawyer have to be required to be on the Principality conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Principality conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently currently.
What is your number one tip for finding a conveyancing solicitor in Bala
Do not opt for the lowest Bala conveyancing quote. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I have today made my last payment due on my mortgage with Aldermore. I assume I don't need a Bala conveyancing practitioner on the Aldermore panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Aldermore mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Aldermore mortgage from the register. Aldermore, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Aldermore has sent the Land Registry the discharge electronically, and
- Aldermore has instructed the Land Registry to do so
The mortgage over my property is with Virgin Money for my property in Bala. Conveyancing has been completed months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Virgin Money?
You must advise Virgin Money prior to renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel solicitor.
Will my lawyer be raising questions regarding flooding as part of the conveyancing in Bala.
Flooding is a growing risk for conveyancers carrying out conveyancing in Bala. Plenty of people will buy a property in Bala, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, however there are a numerous checks that may be initiated by the purchaser or on a buyer’s behalf which can figure out the risks in Bala. The conventional set of property information forms given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the seller to discover if the property has historically flooded. If the residence has been flooded in past and is not notified by the seller, then a buyer could issue a legal claim for losses as a result of such an misleading reply. The buyer’s conveyancers may also carry out an environmental search. This should disclose whether there is a recorded flood risk. If so, more detailed inquiries should be carried out.
Are there restrictive covenants that are commonly picked up during conveyancing in Bala?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Bala. 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…’
I am looking for a ground for flat up to £235,500 and found one close by in Bala I like with a park and railway links in the vicinity, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Bala for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage the shortness of the lease will be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.