We note that you have a search directory identifying solicitors on the Virgin Money conveyancing panel. Do firms pay you a referral fee if I instruct them for our own conveyancing in Conwy?
We are a listing service only for law firms wishing to communicate if they are on the Virgin Money conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Conwy.
Can you clarify what the consequences are if my solicitor is expelled from the Lloyds Solicitor panel ahead of completing my conveyancing in Conwy?
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.
Last month we had a mortgage agreed in principle with RBS. Conwy conveyancing solicitors have been appointed. How long does it take for RBS to send the offer to the conveyancing practitioner?
There is no definitive answer here. Have RBS done the valuation? Have you informed RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am currently in the process of buying my council flat in Conwy. I have a mortgage offer with Bank of Ireland. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Bank of Ireland, you will need to appoint a solicitor on the Bank of Ireland conveyancing panel.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Conwy building society branch on various occasions and was told it does not affect the mortgage offer and they will lend. My Conwy conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
The lawyer has to comply with the CML Handbook section two conditions for your bank. 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.
What does a local search reveal concerning the property my wife and I purchasing in Conwy?
Conwy conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company such as PSG The local search is essential in every Conwy conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your property. The search should reveal information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
Can you provide any advice for leasehold conveyancing in Conwy with the aim of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Conwy can be bypassed where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers. In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Conwy leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord consenting to such changes. Should you fail to have the consents in place you should not communicate with the landlord without contacting your solicitor before hand. A minority of Conwy leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. The majority of landlords or managing agents in Conwy levy fees for supplying management packs for a leasehold home. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Conwy.
Conwy Conveyancing for Leasehold Flats - Examples of Questions you should consider before Purchasing
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How is the lease structured? What prohibitions are there in the Conwy Lease? You should be aware that where the lease has no more than 80 years it will impact the marketability of the flat. It is worth checking with your bank that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely need a lease extension at some point and it is worth discovering how much this would cost. Remember, in most cases you would be be obliged to have been the owner of the premises for two years in order to be entitled to extend the lease.
I have just started marketing my ground floor apartment in Conwy.Conveyancing lawyers have not yet been instructed but I have just had a quarterly maintenance charge invoice – Do I pay up?
The sensible thing to do is discharge the maintenance contribution as you normally would as all rents and maintenance charges will be apportionedas part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially