We intend to purchase a newly converted apartment in Colwyn Bay with a homeloan from Coventry Building Society.We use our Colwyn Bay conveyancing practitioner but Coventry Building Society informed us she’s not on their "panel". We have to appoint a Coventry Building Society panel firm or keep our local solicitor and fork out for a Coventry Building Society panel lawyer to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. The loan offered to you contains terms and conditions, a common one being that lawyers must be on the Coventry Building Society approved list. in the past, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Coventry Building Society
We had appointed conveyancing lawyers locally in Colwyn Bay on the RBS solicitor panel. They have just invoiced me a further sum for dealing with the RBS mortgage. Is this a supplemental conveyancing fee specified by RBS?
Provided it is contained in their Terms and Conditions or estimate then yes your property lawyer may charge a fee for this. The charge is not set by RBS but by your Colwyn Bay solicitor. Plenty of firms on the RBS panel will levy ’dealing with mortgage’ fee and others do not.
I have today made my last payment due on my mortgage with Skipton. I assume I don't need a Colwyn Bay conveyancer on the Skipton panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Skipton 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 Skipton mortgage from the register. Skipton, 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 Skipton has sent the Land Registry the discharge electronically, and
- Skipton has instructed the Land Registry to do so
HSBC have agreed my home loan in principle, my bid on a flat in Colwyn Bay has been agreed to, what are the next steps?
The property agent will want to be informed of your conveyancer's details (be sure the conveyancers are on the bank’s panel). Call up HSBC or the financial adviser and finalise any appropriate paperwork. HSBC will instruct a valuer who will get in touch with the estate agent or seller to schedule an appointment. Once carried out (assuming no problems) it takes on average a fortnight to get a mortgage offer. HSBC will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Colwyn Bay.
I have been told that property searches are the primary cause of hinderance in Colwyn Bay house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not figure within the common causes of delays during the legal transfer of property. Local searches are unlikely to be the root cause of holding up conveyancing in Colwyn Bay.
In my capacity as executor for the will of my grandmother I am selling a property in Neath but reside in Colwyn Bay. My conveyancer (based 260 miles awayrequires that I execute a statutory declaration prior to completion. Can you recommend a conveyancing solicitor in Colwyn Bay to witness and place their company stamp on the document?
Technically speaking you should not be required to have the documents attested by a conveyancing solicitor. Normally or notary public or solicitor will do regardless of whether they are Colwyn Bay based
I work for a busy estate agent office in Colwyn Bay where we see a few flat sales put at risk 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 clarify whether the vendor of a flat can instigate 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 can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
Colwyn Bay Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing
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In the main the outlay for major works tend not to be included within maintenance charges, albeit that a few managing agents in Colwyn Bay require tenants to pay into a reserve fund created for the specific purpose of establishing a fund for larger repairs or maintenance. If a Colwyn Bay lease has no more than 80 years it will have adverse implications on the marketability of the property. It is worth checking with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will probably require a lease extension sooner rather than later and it is worth finding out what this will be. Remember, in most cases you will be be obliged to have been the owner of the residence for two years before you are eligible to carry out a lease extension. The answer will be useful as a) areas can cause problems for the block as the communal areas may begin to deteriorate if services remain unpaid b) if the leaseholders have an issue with the managing agents you will need to have all the details
Been looking for a conveyancer for leasehold sale conveyancing in Colwyn Bay. I'm selling, uncomplicated no mortgage to pay off, no rush, no onward purchase. Had an estimate from a lawyer for £1000 excluding VAT which is a little steep given that its so straightforward. Can I pay less for conveyancing in Colwyn Bay?
Given that it’s a sale only, £450 + VAT would be about the cheapest for sale conveyancing in Colwyn Bay.