We are purchasing a 1 bedroom flat in Gwynedd with a mortgage. We have a Gwynedd solicitor, but the lender advise she’s not on their "panel". We have to appoint one of the mortgage company panel solicitors or continue with our Gwynedd conveyancing practitioner as well as pay for one of their panel ones to act for them. This feels very unfair; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Gwynedd conveyancing solicitor to apply to be on the conveyancing panel.
My wife and I are nearing an exchange on a property in Gwynedd and my mum and dad have transferred the ten percent deposit to my conveyancer. I am now advised that as the deposit has not come from me my conveyancing practitioner needs to make a notification to my mortgage company. I am advised that, in also acting for the bank he must inform 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 home loan, so is it really necessary for him to raise this?
The conveyancing practitioner is duty bound to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
It is 10 years ago since I bought my home in Gwynedd. Conveyancing solicitors have now been appointed on the sale but I am unable to locate my deeds. Is this a major issue?
You need not be too concerned. Firstly there is a chance that the deeds will be with the mortgage company or they could still be with the conveyancers who oversaw the purchase. Secondly the chances are that the land will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers procuring up to date copy of the land registers. Nearly all conveyancing in Gwynedd relates to registered property but in the unlikely event that your home is not registered it adds to the complexity but is not insurmountable.
About to purchase a new build apartment in Gwynedd. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Gwynedd
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I have been on the look out for a ground for flat up to £235,500 and identified one close by in Gwynedd I like with a park and station nearby, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Gwynedd in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a mortgage the shortness of the lease will likely be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
I acquired a house in Gwynedd last 7/6/2024 and to date it is still not recorded with HMLR. It is part of a new estate and my conveyancing practitioner told me that it can take twelve months to complete the registration formalities. I have contacted HMLR directly and they have informed me the initial application was cancelled due to failure to reply to requisitions. Do I need to be concerned?
It is your solicitor that you should contact in order to satisfy any questions which have been raised as part of the registration process for your Gwynedd property. Normal Gwynedd conveyancing practice includes an undertaking on the part of the previous owner’s solicitor that they will help resolve any question raised by HMLR so it may be a case of taking action to enforce that undertaking in some way.