The Bangor conveyancing firm that I recently instructed on my purchase in Bangor have suddenly closed. They were on acting for me because I had to have a solicitor on the Lloyds conveyancing panel and my preferred Bangor lawyer was not. I wrote them a cheque for two hundred pounds in advance. What should be my next steps?
If you have an estate agent involved then inform them immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Lloyds conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
I just acquired a house at auction in Bangor. Conveyancing is required. What is next?
Given that you are now exchanged you should hire the services of a conveyancing lawyer quickly as you will have a pending a drop dead date to complete the property. Every auction property should have an associated legal pack. This will include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the legal pack should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to a leasehold property. You must give this to the conveyancer instructed by you as soon as possible. You also need to ensure that your finances are organised to complete the transaction on the set completion date.
This question may be naive but I am wet behind the ears as a first time purchaser of a garden flat in Bangor. Do I receive the keys to the house on completion from my conveyancer? If so, I will use a High Street conveyancing solicitor in Bangor?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the owner’s solicitors, and once they have received this, you will be called to collect the keys from the selling Agents and start moving into the property. Usually this occurs early afternoon.
It is unclear whether my bank requires a lease extension. I have telephoned my Bangor building society branch on numerous occasions and was told it does not affect the mortgage offer and they will lend. My Bangor conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Your lawyer has to comply with the CML Handbook Part 2 specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the bank 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I have todaybeen informed that Action Conveyancing have been shut down. They conducted my conveyancing in Bangor for a purchase of a leasehold apartment 12 months ago. How can I be sure that the property is in my name in the name of the former proprietor?
The easiest way to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Bangor conveyancing specialists.
About to purchase a new build flat in Bangor. Conveyancing is necessary evil 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 conveyancing.
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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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Forfeiture - bankruptcy or liquidation must not apply under this provision. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please confirm the Lease plans are architect prepared. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Last June I purchased a leasehold flat in Bangor. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a 1 bedroom flat in Bangor, conveyancing was carried out 10 years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Bangor with a long lease are worth £216,000. The ground rent is £50 invoiced every year. The lease ceases on 21st October 2094
With 69 years left to run we estimate the price of your lease extension to be between £9,500 and £11,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
How much experience do your Bangor conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Bangor conveyancing lawyers help thousands of people move home every year and supported plenty of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Bangor conveyancers have worked on recent similar matters.