Can you clarify what the consequences are if my lawyer’s firm is expelled from the Aldermore Solicitor panel ahead of completing my conveyancing in Caernarfon?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I'm buying a new build house in Caernarfon with a loan from Santander. The builders would not reduce the price so I negotiated five thousand pounds worth of extras instead. The sale representative told me not reveal to my solicitor about this deal as it could adversely affect my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking into buying my first house which is in Caernarfon and I am already nervous. I couldn't find anything specific about Caernarfon. Conveyancing will be needed in due course but do you know about the Caernarfon area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Caernarfon. In the meantime here are some basic statistics that we found
My father-in-law has encouraged me to instruct his lawyers for conveyancing in Caernarfon. Should I find my own conveyancer?
No doubt the ideal way to select a conveyancing solicitor is to have recommendations from friends or relatives who have actually previously instructed the firm you're considering.
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Caernarfon. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
The majority of houses in Caernarfon are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Caernarfon so you should seriously consider looking for a Caernarfon conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will report to you on the legal implications.
I own a ground floor flat in Caernarfon, conveyancing having been completed 5 years ago. How much will my lease extension cost? Equivalent flats in Caernarfon with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 yearly. The lease terminates on 21st October 2078
You have 53 years left to run we estimate the premium for your lease extension to span between £27,600 and £31,800 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
My wife and I have appointed a Caernarfon conveyancing solicitor for our home move (first time buyers) and have noticed in the terms and conditions that they are not overseen by the Financial Conduct Authority. Need I be concerned or is that the norm with conveyancer?
We can't see why they should be. Most conveyancer don't lend money. You should check that they are governed by the Solicitors Regulation Authority, who set specific obligations in place on amounts deposited on client account.