I opted for a local firm for my conveyancing in Connahs Quay today. After carefully reading the official terms of business it is apparent thatI am responsible for charges even if our purchase doesn't happen. Would I be best advised to select an on-line lawyer advertising no completion no charge conveyancing in Connahs Quay?
It is usually ‘give and take’ in that if "No Completion No Fee" is offered then the conveyancing charges will tend to be be higher to neutralise those conveyances that do not go ahead. Dont forget that such schemes tend not to protect you from outlay for instance Connahs Quay conveyancing search expenses.
We are getting closer to an exchange on a flat in Connahs Quay and my parents have transferred the exchange deposit to my solicitor. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the bank regarding my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The lawyer is obliged to check with the bank to make sure that they know that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
We previously instructed solicitors located in Connahs Quay on the Barclays solicitor panel. They are now charging me a supplemental sum for dealing with the Barclays mortgage. Is this a supplemental conveyancing fee set by Barclays?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your solicitor can charge a fee for this. The charge is not set by Barclays but by your Connahs Quay lawyer. Numerous firms on the Barclays panel will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
We have agreed to purchase a house in Connahs Quay. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Leeds Building Society be concerned?
As your lender is Leeds Building Society your lawyer must follow the conveyancing requirements contained in Section 2 of UK Finance Lenders’ Handbook for Leeds Building Society. The Council of Mortgage Lenders’ Handbook sets out minimum requirements for solar panel roof-space leases, and conveyancers are required to report to Leeds Building Society where a lease fails to comply with these conditions. The provisions relate to the installation of panels on properties countrywide and is not restricted to Connahs Quay.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Connahs Quay bank branch on numerous occasions and was told they are content with the situation and they will lend. My Connahs Quay conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend in accordance with their published requirements. I have no idea who is right.
Provided that the property lawyer is on the mortgage company panel, they must adhere to the CML Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
It has been three months since my purchase conveyancing in Connahs Quay completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a flat up to £235,500 and found one near me in Connahs Quay I like with a park and transport links in the vicinity, however it only has 49 years on the lease. There is not much else in Connahs Quay in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage the shortness of the lease may be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
I am tempted by the attractive purchase price for a couple of apartments in Connahs Quay which have about 50 years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Connahs Quay is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. For most purchasers and banks, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Connahs Quay conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Connahs Quay Leasehold Conveyancing - Sample of Questions you should ask before Purchasing
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How long is the Lease? Best to be warned if fixing the lift or some other major work is anticipated to be shared between the tenants and will dramatically impact the level of the maintenance fees or require a specific invoice. It would be a good idea to find out if there are any onerous prohibitions in the lease. By way of example some leases prohibit pets being allowed in certain buildings in Connahs Quay. If you love the flatin Connahs Quay yet your dog can’t move with you then you have a very hard choice.