I'm the sole beneficiary of my late grandmother’s will and I have everything in my name now, including the my former home in Bala. The Bala property was put into my name in December. I plan to dispose of the property. I do know about the CML six month 'rule', which means that my property ownership could be considered the same way as though I had purchased the house in December. Will no one buy the property for half a year?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be affected by that. How practical a view banks take of it, depend on the mortgage company as this obligation is principally there to pick up on the purchase and immediately sell or the flipping of properties.
I have a mortgage with Barclays for my property in Bala. Conveyancing has been completed some time ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Barclays?
Your original mortgage agreement with Barclays will provide that you need their approval prior to letting out your property as this is likely to be a breach of Barclays’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 Barclays directly. It should not be necessary to do this via a Barclays conveyancing panel lawyer.
It is unclear whether my lender requires a lease extension. I have called my Bala building society branch on a couple of occasions and was informed it wasn't an issue and they will lend. My Bala conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Provided that the property lawyer is on the bank panel, they must comply with the Council of Mortgage Lenders’ Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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.
It has been three months following my purchase conveyancing in Bala completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. 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 premises 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.
I was recommended by three or four local property agents in Bala to locate a solicitor using your seach tool. What’s the financial upside for Estate Agents to promote your site over and above a competitor’s?
We don’t offer any commission for pointing buyers and sellers our way. We thought it would be too underhand to pay a commission because members of the public would think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
Is it best to instruct a Bala conveyancing practitioner who is local to the property I am purchasing? I have an old university friend who can deal with the conveyancing but her office is approximately 350miles drive away.
The primary upside of using a local Bala conveyancing firm is that you can drop in to sign paperwork, hand in your ID and apply pressure on them if necessary. They will also have local insight which is a plus. That being said it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and the majority were content that must trump using an unknown Bala conveyancing solicitor just because they are based in the area.
Can you offer any advice when it comes to choosing a Bala conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Bala conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Bala conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be helpful:
If they are not ALEP accredited then why not? What volume of lease extensions have they conducted in Bala in the last twenty four months?
Leasehold Conveyancing in Bala - Sample of Questions you should consider before Purchasing
The majority of Bala leasehold properties will be liable to pay a service charge for maintenance of the block levied by the freeholder. Should you purchase the apartment you will have to pay this liability, usually periodically accross the year. This could differ from a few hundred pounds to thousands of pounds for buildings with lifts and large common grounds. In all likelihood there will be a ground rent for you to pay yearly, ordinarily this is not a exorbitant sum, say around £25-£75 but you should to enquire it because on occasion it can be many hundreds of pounds. This information is helpful as a) areas can result in problems in the building as the common areas may begin to deteriorate if services are not paid for b) if the leasehold owners have a dispute with the running of the building you will want to have complete disclosure Its a good idea to discover as much as possible regarding the company managing the block as they can either make life much easier or problematic. As the owner of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to daily issues such as the tidiness of the common parts. Enquire of prospective neighbours what they think of them. Finally, be sure you discover the dates that you are obliged pay the maintenance charge to the managing agents and precisely what you get for your money.
Please can you clarify what my options are if my Bala conveyancing searches reveals negative entries?
Normally, the majority of issues that arise in Bala conveyancing search results can be dealt with before completion or indemnity insurance can be put in place. You need to note that although you may be buying the premises and may be willing to live with the search results, your lender may not, and ultimately they have the final say.