It is is a decade since I bought my house in Colwyn Bay. Conveyancing solicitors have recently been retained on the sale but I can't find my title documents. Will this cause complications?
Don’t worry too much. Firstly the deeds may be retained by the lender or they could stored with the lawyers who handled the purchase. Secondly the likelihood is that the land will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors procuring up to date copy of the land registers. Nearly all conveyancing in Colwyn Bay involves registered property but in the unlikely event that your home is unregistered it adds to the complexity but is resolvable.
I have justfound out that Arc property Solicitors have been shut down. They carried out my conveyancing in Colwyn Bay for a purchase of a leasehold apartment 10 months ago. How can I check that the property is registered correctly in the name of the former proprietor?
The quickest way to see if the property is registered to you, you can make 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 Colwyn Bay conveyancing specialists.
I'm purchasing my first flat in Colwyn Bay with a mortgage from Nottingham Building Society. The developers refused to move on the price so I negotiated 6k of additionals instead. The property agent suggested that I not inform my conveyancer about the extras as it may adversely affect my mortgage with Nottingham Building Society. Do I keep my lawyer in the dark?.
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.
Over the last few months I have been searching for a flat up to £245,000 and identified one near me in Colwyn Bay I like with amenity areas and station nearby, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Colwyn Bay for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
I only have Sixty One years unexpired on my lease in Colwyn Bay. I am keen to extend my lease but my freeholder is absent. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to prove that you or your lawyers have used your best endeavours to track down the lessor. In some cases an enquiry agent may be useful to carry out a search and prepare a report which can be used as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s absence and the application to the County Court covering Colwyn Bay.
I invested in buying a 1st floor flat in Colwyn Bay, conveyancing formalities finalised in 2006. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Colwyn Bay with over 90 years remaining are worth £255,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ends on 21st October 2096
You have 73 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.
Is it the case that all Colwyn Bay solicitors on every lender conveyancing panel?
The Lexsure search tool on this page may be of use or you can drop into your high street bank branch in Colwyn Bay. the probability is that they will be in a position to recommend some reputable conveyancing solicitors in Colwyn Bay