I can't travel far from Betws Y Coed. What is the rationale as to why all Betws Y Coed conveyancing practitioners aren't automatically on all mortgage company panels?
A decade ago most mortgage companies had an approach to risk which is different from today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which in summary warned lenders: know the conveyancers on your panel. As a result, lenders have since looked to extract more information from law firms about their operations and the individuals employed by them and set certain criteria such as completing a minimum number of transactions. Many firms have found themselves removed from lender panels even though they had an exemplary track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the minimum volume of transactions the lenders required.
I am the registered owner of a freehold residence in Betws Y Coed yet invoiced for rent, why is this and what is this?
It is rare for properties in Betws Y Coed and has limited impact for conveyancing in Betws Y Coed but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Betws Y Coed?
There are many registered licenced Conveyancers in Betws Y Coed and Solicitor firms in Betws Y Coed who can help with your conveyancing It is important to make clear that the two are supervised by regulatory bodies with both specialising in the legal work in the home buying process. They may both also conduct other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
My husband and I are in the process of viewing flats in Betws Y Coed and I am now considering a potential offer. Should I already have a conveyancer in place at this stage? I will be getting a mortgage with HSBC.
It would be prudent to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. As you are getting a mortgage with HSBC, make sure you remember to check that your lawyer is on the HSBC conveyancing panel.
I have paid off my mortgage with Co-operative. I assume I don't need a Betws Y Coed property lawyer on the Co-operative panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Co-operative 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 Co-operative mortgage from the register. Co-operative, 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 Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
I have a 4 bedroom Georgian house in Betws Y Coed. Conveyancing solicitor represented me and Halifax. I did a free Land Registry search last week and there are a couple of entries: the first freehold, another for leasehold under the matching property. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Betws Y Coed and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with your conveyancing practitioner who completed the work.
I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a simple, chain free conveyancing. Betws Y Coed is the location of the property. Is there any guidance you can give?
Flying freeholds in Betws Y Coed are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Betws Y Coed you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Betws Y Coed may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
We are four weeks into a leasehold purchase having been referred to a firm by the local agent to carry out the conveyancing in Betws Y Coed. We are not happy. Can you you assist me in finding new solicitors?
They would have to be very bad to suggest diss instructing them. Has your loan offer been sent? If so you must advise them of the new contact details and get the offer are re-sent. Your new solicitor ideally needs to be on the mortgage company panel to avoid escalating charges and complications. That should be your starting point. The search tool should help you find a bank approved solicitor for your home move in Betws Y Coed