My fiance and I are planning to acquire a flat in Llandudno Junction and have instructed a Llandudno Junction conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Britannia have this evening contacted us to inform me that there is now an issue as our Llandudno Junction solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is standard for the purchasers' solicitors to also act for the purchaser's lender. 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 bank's conveyancing panel and you may continue to use your own Llandudno Junction solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
The owners of the home we are hoping to buy hired a conveyancing firm in Llandudno Junction who has insisted on a preliminary agreement with a non-refundable deposit of 5k. Is it wise to enter into such agreements?
This form of agreement isn't common in Llandudno Junction, conveyancers are not keen on them as they divert attention from the main conveyancing focus and if you end up having your deposit forfeited then the solicitor at best left with an upset client and at worst a litigious one. Secondly, there is no certainty that just because the seller has executed a lock out agreement they will complete the sale with you. They may be in contravention of the contract if they receive sufficient financial inducement to do so because an aggrieved buyer with the benefit of a exclusivitycontract will still have to establish consequential losses from the breach and these may not compare to the financial upside that your seller may obtain by reneging on the agreement, no matter how morally condemnable the behaviour is.
I have todaydiscovered that Arc property Solicitors have been shut down. They conducted my conveyancing in Llandudno Junction for a purchase of a leasehold apartment 12 months ago. How can I establish that the property is in my name in the name of the previous owner?
The easiest method to see if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Llandudno Junction conveyancing specialists.
I've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a simple, no chain conveyancing. Llandudno Junction is where the house is located. Is there any guidance you can give?
Flying freeholds in Llandudno Junction are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Llandudno Junction you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Llandudno Junction may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
What advice can you give us when it comes to appointing a Llandudno Junction conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Llandudno Junction conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Llandudno Junction conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be of use:
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If the firm is not ALEP accredited then why not?
I acquired a garden flat in Llandudno Junction, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Llandudno Junction with over 90 years remaining are worth £222,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ceases on 21st October 2097
With 71 years left to run the likely cost is going to be between £9,500 and £11,000 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
My partner and I are purchasing a 2 bedroom flat in Llandudno Junction. When we first instructed solicitor, they said that they were on all mainstream mortgage company panels. The financial adviser emailed just now to advise that they don't appear to be on the HSBC approved list. Were it to be true, what should we do? Do we simply find a new property lawyer that is on their panel or do we cover the costs for dual representation, with HSBC appointing their own approved solicitor.
If you are acquiring a property needing a mortgage it is normal for the buyer’s solicitors to also represent the mortgage company. In order to act for a bank or building society a lawyer has to be on that lender's list of approved lawyers. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the lawyer has to meet. Some banks now require their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your conveyancer should contact HSBC and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on HSBC's conveyancing panel and you may continue to use your own Llandudno Junction solicitors, in which case it will likely add costs, and it may delay matters as you are adding another conveyancing practitioner into the mix.