Our conveyancer has discovered a defect with the lease for the flat we are purchasing in Nefyn. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor has advised that he must ensure that the lender is content with this solution. Are we the client or is the bank?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the bank are the client. The appropriate lender provisions must be adhered to.
There are a variety of conveyancing solicitors in Nefyn but how do I know who's good?
It would be unwise to be tempted by the lowest Nefyn conveyancing quote. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
This question may be naive but I am wet behind the ears as a first time buyer of a two bedroom flat in Nefyn. Do I pick up the keys to the premises on the completion date from my conveyancer? If so, I will use a High Street conveyancing solicitor in Nefyn?
On the day of completion you do not need to go to the conveyancers office in Nefyn. Your solicitors will arrange to send the completion advance to the vendor’s lawyers, and once they have received this, you should be called to pick up the keys from the selling Agents and move into your new home. Usually this happens early afternoon.
I have been advised by my conveyancer that lack of planning permission insurance is required on my purchase. What is the level of cover for Nefyn conveyancing?
The right level of lack of planning permission indemnity insurance depends on who your lender is. It would differ for example between Nationwide Building Society and Skipton Building Society. Conveyancing lawyers as opposed to borrowers take out such insurances.
I acquired my flat on 8 January and the transaction details is yet to be on the land registry website. Need I be worried? My conveyancing solicitor in Nefyn said it would be concluded in a couple of weeks. Are transfers in Nefyn uniquely lengthy to register?
As far as conveyancing in Nefyn is concerned, registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timescales can differ subject to the party submitting the application, whether there are errors and whether the Land registry communicate with any third persons or bodies. As of today in the region of 80% of submission are fully addressed within 12 days but some can be subject to protracted hold-ups. Registration is effected after the purchaser has moved in to the property so post completion formalities is not typically primary concern but if there is a degree of urgency associated with the registration then you or your lawyers must speak with the land registry and explain the circumstances.
How does conveyancing in Nefyn differ for newly converted properties?
Most buyers of new build property in Nefyn come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is completed. This is because new home sellers in Nefyn tend to purchase the land, 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 Nefyn or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a property in Nefyn ahead of appointing conveyancers. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some mortgage companies tend refuse to give a loan on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. Should you wish to call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Nefyn. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Nefyn to see if the conveyancing will be more expensive.
Am I best advised to go with a Nefyn conveyancing lawyer based in the area that I am buying? I have an old university friend who can handle the legal work however they are based a couple of hundredkilometers away.
The primary upside of using a high street Nefyn conveyancing firm is that you can pop in to sign paperwork, deliver your ID and apply pressure on them if necessary. Having local Nefyn know how is a benefit. However it's more important to get someone that will do a good and efficient job. If you know people who used your friend and they were impressed that must trump using an unfamiliar Nefyn conveyancing solicitor solely due to them being Nefyn based.