The owners have rather assertive vendors who has recommended a exclusivity agreement with a down payment of 5k. Is it wise to enter into such agreements?
This form of preliminary agreement is unusual in Dolgellau, conveyancers are not keen on them as they divert attention from the main conveyancing focus and if you end up losing your deposit then the lawyer at best left with an upset client and at worst a litigious one. In addition, there is no guarantee that just because the vendor has executed a lock out agreement they will complete the sale with you. They may breach the contract if they are offered a large enough incentive to do so because a wronged claimant with the benefit of a lockoutcontract will still have to establish consequential losses from the breach and this may not equate the financial upside that your vendor may secure by breaking the contract, however morally condemnable that may be.
What does my ID and proof of funds have anything to do with my conveyancing in Dolgellau? Is this really warranted?
Dolgellau conveyancing solicitors and indeed property lawyers accross the UK have a duty under Anti-terror and anti-money-laundering rules to check the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and evidence of address (usually a Bank Statement less than 3 months old).
Evidence of source of funds is also required in accordance with the money laundering statutes as lawyers are mandated to investigate that the monies you are utilising to purchase a property (be it the exchange deposit or the full purchase amount where you are a cash purchaser) has come from legitimate source (such as employment savings) as opposed to the fruits of criminal behaviour.
I bought my home on 9 August and my personal details are still not on the land registry website. Should I be concerned? My conveyancing solicitor in Dolgellau advises it should be registered inside ten days. Are titles in Dolgellau particularly slow to register?
There is nothing unique about conveyancing in Dolgellau registration formalities. Rather than based on location, timeframes can differ subject to who lodges the application, whether it is in order and if the Land registry must send notices to any interested parties. Currently roughly 80% of submission are fully dealt with within two weeks but some can be subject to protracted delays. Registration takes place once the purchaser is living at the property therefore an expedited registration is not usually primary concern yet where it is urgent that the the registration takes place urgently then you or your conveyancer must contact the land registry and explain the circumstances.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one round the corner in Dolgellau I like with amenity areas and railway links nearby, however it's only got 52 years unexpired on the lease. I can't really find anything else in Dolgellau for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan the remaining unexpired lease term may be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
I'm converting the mortgage on my primary home to a buy to let mortgage with Yorkshire Building Society and I will use the ballance of the raised equity towards further property. The area we are talking about is Dolgellau. Will your solicitors be able to act for the two banks and tie in the two deals?
Make use of our search tool on this page to check that the lawyers are approved by both mortgage companies. Having checked that they are your solicitor will be able to simultaneously deal with the two transactions but you should talk with you lawyer and make clear your expectations and requirements.
I’m about to sell my basement flat in Dolgellau. Conveyancing has not commenced, however I have just received a quarterly maintenance charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the service charge as you normally would because all ground rent and service charges will be allotted on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until 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.
Leasehold Conveyancing in Dolgellau - Examples of Queries Prior to buying
Most Dolgellau leasehold flats will incur a service charge for maintenance of the building levied on behalf of the landlord. Where you acquire the apartment you will have to pay this liability, normally periodically accross the year. This may vary from a few hundred pounds to thousands of pounds for blocks with lifts and large communal areas. In all probability there will be a ground rent for you to pay annual, ordinarily this is not a exorbitant amount, say around £50-£100 but you need to enquire it because on occasion it could be prohibitively expensive. Is anyone aware of any major works on the horizon that will add a premium to the maintenance charges? Does the lease have onerous restrictions?