Me and my husband are acquiring a leasehold flat in Dolwyddelan. My lawyer has never been on on the bank conveyancing panel. Am I still permitted to appoint my Dolwyddelan conveyancing solicitor notwithstanding that they are excluded from the bank panel?
One will need to appoint a conveyancer to complete the formalities if you need a mortgage to buy your home. They will carry out all the essential due diligence on the property, make sure that you will be properly registered as the owner and ensure that all the necessary mortgage documentation is dealt with. You may select a Dolwyddelan conveyancer of your choice. Nevertheless, where the property lawyer appointed is not a member of the bank approved list supplemental costs will arise as separate legal representation will be need by the lender. Lender panel applications can be submitted, so provided your lawyer has not in the past applied for membership they should take the chance to apply.
My partner and I are acquiring a new build duplex in Dolwyddelan and my lawyer is advising me that she has to the mortgage company to reveal incentives from the builder. I am under pressure to exchange and I would rather not prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My Solicitor in Dolwyddelan is not listed on the Halifax Approved Panel. Is it possible for me to retain my prefered solicitor notwithstanding that they are not on the Halifax panel of approved conveyancing solicitors?
Your options are as follows:
- Carry on with your existing Dolwyddelan solicitors but Halifax will need to use a lawyer on their list of acceptable firms. This will inevitably rack up the total legal charges as well as cause frustration.
- Choose a new lawyer to to deal with the conveyancing, not forgetting to check they are Persuade your conveyancer to use their best endeavours to join the Halifax conveyancing panel
Me and my brother purchased a renovated Victorian house in Dolwyddelan. Conveyancing lawyer represented me and Nationwide Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, another for leasehold under the matching property. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register as there may be 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 Dolwyddelan and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with the conveyancing lawyer who conducted the conveyancing.
How does conveyancing in Dolwyddelan differ for new build properties?
Most buyers of new build property in Dolwyddelan come to us having been asked by the developer to exchange contracts and commit to the purchase even before the property is finished. This is because developers in Dolwyddelan tend to buy the site, 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 property lawyers 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 used to new build conveyancing in Dolwyddelan or who has acted in the same development.
Why do Dolwyddelan conveyancing charges are more expensive for leasehold and freehold properties?
Inevitably there is increased work required for leasehold conveyancing. Dolwyddelan has many leasehold properties. There is more time involved in the purchase: for example, the lease and leasehold information (including current service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.