My husband and I are hoping to acquire a property in Dolgellau and are in fact using a Dolgellau conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Nationwide Building Society have this afternoon contacted us to advise us that they have now hit a problem as our Dolgellau conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Dolgellau lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to appoint their panel solicitor as I would much rather use a high street conveyancing solicitor in Dolgellau?
You should check but the chances are that allocate you one of their panel lawyers where you want the "fee-free" deal. Call the mortgage company and determine if they make available a monetary alternative. In the past a few lenders offered a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor in Dolgellau.
What does a local search tell me about the property my wife and I buying in Dolgellau?
Dolgellau conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search organisations for example Searches UK The local search is essential in every Dolgellau conveyancing purchase; as long as you wish to avoid any nasty surprises after you move into your new home. The search should provide data on, amongst other things, details on planning applications applicable 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 13 topic headings.
How does conveyancing in Dolgellau differ for new build properties?
Most buyers of new build or newly converted property in Dolgellau come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because builders in Dolgellau usually purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Dolgellau or who has acted in the same development.
I am looking for a flat up to £195,000 and found one near me in Dolgellau I like with open areas and station nearby, the downside is that it only has 51 remaining years left on the lease. There is not much else in Dolgellau in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage the shortness of the lease will likely be problematic. Reduce 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 at least twenty four months 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 with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I've recently bought a leasehold flat in Dolgellau. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a basement flat in Dolgellau, conveyancing formalities finalised in 1999. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Dolgellau with over 90 years remaining are worth £185,000. The ground rent is £65 yearly. The lease ends on 21st October 2084
You have 60 years remaining on your lease we estimate the price of your lease extension to range between £20,000 and £23,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues 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 based on this information without first seeking the advice of a professional.