We were just about to sign contracts for a property in Colwyn Bay. We encountered a snag. The mortgage offer with National Westminster Bank expires on 23/1/2023 but the sellers are suggesting a completion date of 25/1/2023. Can one prolong the mortgage expiry date?
The person best placed to address this issue is your solicitors who will hopefully determine if they better off negotiating with the mortgage company, seller’s lawyers, selling agents or conceivably all three based on the history of your conveyancing to date.
What happens if my lawyer’s firm is suspended from the Principality Solicitor panel ahead of completing my conveyancing in Colwyn Bay?
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 at a cost.
This question may be naive but I am unseasoned as a 1st time purchaser of a ground floor flat in Colwyn Bay. Do I collect the keys to the house on the completion date from my solicitor? If this is the case, I will instruct a High Street conveyancing solicitor in Colwyn Bay?
On the day of completion you do not need to go to the conveyancers office in Colwyn Bay. Conveyancing lawyers for you will transfer the purchase money to the seller's lawyers, and shortly after the monies have arrived, you will be able to collect the keys from the Estate Agents and move into your new home. Usually this occurs early afternoon.
When it comes to mortgage companies such as Leeds Building Society, do Colwyn Bay conveyancing practitioners incur a yearly amount to be on the conveyancing panel?
We are unaware of any bank fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
Can I be sure that the Colwyn Bay conveyancing solicitor on the Clydesdale panel is any good?
When it comes to conveyancing in Colwyn Bay getting recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advocate that you speak with the solicitor handling your transaction.
I need some fast conveyancing in Colwyn Bay as I am faced with an ultimatum to sign on the dotted line within one month. A home loan is not required. Can I decline from having conveyancing searches to save fees and time?
If.Given you are are a cash buyer you have the choice not to have searches conducted although no conveyancer would suggest that you don't. Drawing on our experience of conveyancing in Colwyn Bay the following are examples of issues that can crop up and adversely affect market value: Enforcement Notices, Outstanding Charges, Outstanding Grants, Railway Schemes,...
I'm purchasing my first flat in Colwyn Bay with the aid of help to buy. The sellers refused to budge the price so I negotiated five thousand pounds worth of extras instead. The property agent advised me not to tell my lawyer about this extras as it will put at risk my loan with Yorkshire Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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 work for a busy estate agency in Colwyn Bay where we have witnessed a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Colwyn Bay conveyancing firms. Please can you confirm whether the owner of a flat can commence the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I inherited a leasehold flat in Colwyn Bay, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Colwyn Bay with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease runs out on 21st October 2098
You have 76 years left to run we estimate the price of your lease extension to range between £8,600 and £9,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.