My solicitor has uncovered a defect with the lease for the property we are purchasing in Glan Conwy. The other side have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer says that he must ensure that the mortgage company is happy with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
It is is a decade since I purchased my property in Glan Conwy. Conveyancing lawyers have just been appointed on the sale but I am unable to track down my title deeds. Is this a problem?
Don’t worry too much. First the deeds may be with the mortgage company or they could be archived with the lawyers who oversaw your purchase. Secondly in all probability the title will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers procuring current official copies of the land registers. Almost all conveyancing in Glan Conwy involves registered property but in the unlikely event that your home is unregistered it adds to the complexity but is resolvable.
Just had an offer accepted on a new build apartment in Glan Conwy. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Glan Conwy
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Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I am looking for a flat up to £245,000 and identified one close by in Glan Conwy I like with open areas and station in the vicinity, however it's only got 49 years on the lease. I can't really find anything else in Glan Conwy for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage that many years will likely be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
My brother has urged me to appoint his conveyancing solicitors in Glan Conwy. Do I follow his advice?
No doubt it’s preferable to select a conveyancing lawyer is to seek recommendations from friends or relatives who have experience in using the solicitor that you are are thinking of instructing.
We have recently had a bid accepted on our first home in Glan Conwy, and are now looking to get solicitors instructed. We have utilised the different comparison tools and the fee estimates are from all over the the UK. Is it important to have a Glan Conwy conveyancer local to our potential new home? I am happy to do everything electronically, but I am thinking at some point we may need to attend the conveyancer's office to sign documents?
The solicitor does not need to be in Glan Conwy, but opting for local means that you can go in if required, by way of example, if a signature is immediately necessary. In addition, a Glan Conwy solicitor is likely to be familiar with local agents and (if the vendor has instructed a local conveyancing practitioner) with them, which will help smooth the process.