Our solicitor has identified a a legal deficiency with the lease for the apartment we are purchasing in Bangor. The other side have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised that he must be satisfied that the mortgage company is content with this solution. Who is the client here, us or the mortgage company ?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the mortgage company are the client. The appropriate lender specifications must be adhered to.
Do banks and building societies provide you with an approved list of Bangor conveyancing solicitors? How do you know who is on the Nationwide conveyancing panel?
Bangor conveyancing firms themselves provide us confirmation that they are on the Nationwide conveyancing panel as opposed to being supplied with a list from Nationwide directly.
Our lender has suggested a law firm on their panel based in Bangor but I would rather use a conveyancing lawyer in Bangor or nearer to where I live. Are you able to help?
It is by no means the case that all Bangor conveyancing practices are on all lender’s conveyancing panel. Do make use of our find an approved solicitor tool to identify a Bangor conveyancing firm on the on the lender panel.
We have a mortgage agreed in principle with Barclays. Bangor conveyancing practitioners are instructed. How long does it take for Barclays to issue the offer to the conveyancer?
Some lenders take longer than others. Have Barclays done the valuation? Have you informed Barclays as to your lawyers' details and checked that your lawyers are on the Barclays conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Yorkshire BS have agreed my home loan in principle, my offer on a house in Bangor has been agreed to, what are the next steps?
The property agent will wish to be advised as to your solicitor's details (make sure the lawyers are on the bank’s approved list). Call up Yorkshire BS or the broker and finish off any appropriate forms. Yorkshire BS will appoint a valuer who will get in touch with the selling agent or seller to book a slot for the valuation to happen. Once carried out (assuming no problems) it takes approximately a fortnight to receive the mortgage offer. Yorkshire BS will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Bangor.
Our offer on a detached house in Bangor has been agreed to, but there is a chain. The owners have offered on somewhere, but it’s not yet tied up, and have viewings of other apartments booked. I have chosen a local conveyancing solicitor in Bangor. What do I do now? At what point should I apply for the mortgage with Co-operative?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx one thousand pounds, then valuation, Bangor conveyancing search costs, etc). The first course of action is to check that your lawyer is on the Co-operative conveyancing panel. Regarding the next steps this very much depends on the specifics of your case, desire for the property and on the state of the market. During a rising market some home buyers would apply for a home loan with Co-operative and pay for the valuation and only if it comes back ok would they ask their conveyancing practitioner to proceed with searches.
Will our solicitor be raising questions about flooding during the conveyancing in Bangor.
Flooding is a growing risk for conveyancers dealing with homes in Bangor. Some people will buy a property in Bangor, completely aware that at some time, it may be flooded. However, aside from 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 property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, however there are a various searches that may be carried out by the purchaser or on a buyer’s behalf which should figure out the risks in Bangor. The standard information supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a standard question of the vendor to discover if the premises has suffered from flooding. If the property has been flooded in past and is not revealed by the seller, then a buyer could commence a compensation claim stemming from an incorrect reply. A buyer’s lawyers may also order an environmental report. This will disclose whether there is any known flood risk. If so, more detailed inquiries should be carried out.
About to purchase a new build flat in Bangor. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Bangor
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Please supply a car parking plan. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Forfeiture - bankruptcy or liquidation must not apply under this provision. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?