My husband and I are getting closer to an exchange on a house in Deganwy and my mum and dad have transferred the exchange deposit to my conveyancing practitioner. I am now advised that as the deposit has not arrived from me my conveyancer needs to disclose this to my bank. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I disclosed to the bank about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
The property 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. Your solicitor can only report this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
My brother-in-law has suggested I instruct a conveyancing solicitor in Deganwy. I I would like to check if they are accepted on the Nottingham Building Society conveyancing panel. Could you advise?
You should call your lawyer and enquire whether they can act for the bank. Alternatively please call Nottingham Building Society who may be able to confirm.
Should our solicitor be raising enquiries about flooding during the conveyancing in Deganwy.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Deganwy. There are those who purchase a property in Deganwy, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, however there are a various checks that may be carried out by the buyer or by their lawyers which should figure out the risks in Deganwy. The standard information given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a usual question of the vendor to find out whether the premises has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the owner, then a purchaser may issue a compensation claim as a result of such an misleading response. The buyer’s solicitors may also conduct an enviro report. This should indicate if there is a recorded flood risk. If so, further inquiries should be made.
Me and my brother have a renovated Victorian house in Deganwy. Conveyancing lawyer acted for me and National Westminster Bank. I did a free Land Registry search last week and there are two entries: the first freehold, another for leasehold with the exact same address. Is it worth asking National Westminster Bank to clarify?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Deganwy and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the position with the conveyancing solicitor who conducted the conveyancing.
Do you have any advice for leasehold conveyancing in Deganwy with the purpose of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Deganwy can be avoided if you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the buyers’ conveyancers. You may think that you are aware of the number of years left on your lease but it would be wise to verify this via your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 75 years. In the circumstances it is important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. The majority of freeholders or managing agents in Deganwy levy fees for providing management packs for a leasehold home. You or your lawyers should enquire as to the fee that they propose to charge. The management information 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 frequent cause of delay in leasehold conveyancing in Deganwy. If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Deganwy state that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord consenting to such changes. Where you dont have the approvals in place you should not communicate with the landlord without checking with your conveyancer in advance.
I am the registered owner of a leasehold flat in Deganwy, conveyancing formalities finalised 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Deganwy with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 yearly. The lease comes to an end on 21st October 2098
With only 77 years unexpired we estimate the price of your lease extension to span between £7,600 and £8,800 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
Should local authority consent be required to convert a single dwelling into two flats in Deganwy? This has taken place to a property next door to my home in Deganwy and was unaware of it happening until it was finished.
Planning Consent yes. Building Reg Approval yes.