We're in Nefyn, First time buyers purchasing with a mortgage (lender is Virgin Money , and our lawyer is on the Virgin Money conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Virgin Money conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
What is the difference between a licensed conveyancer and conveyancing solicitor in Nefyn
There are many registered licenced Conveyancers in Nefyn and Solicitor firms in Nefyn to choose from It is important to make clear that the two are regulated professionals specialising in the legal aspects of transferring property. Both can conduct other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
Can you help - my lawyer advises that lack of right of way insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Nefyn?
The appropriate level of lack of right of way indemnity insurance should be dictated by who your lender. It would differ for example between Nationwide Building Society and Leeds Building Society. Conveyancing lawyers as opposed to borrowers take out such insurances.
I am purchasing a property in Nefyn. A rare aspect is that the roof has a solar panel. Bank of Ireland have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Bank of Ireland your lawyer must follow the formal instructions set out in Part two of UK Finance Lenders’ Handbook for Bank of Ireland. The CML Handbook includes minimum specifications for solar panel roof-space leases, and lawyers are required to report to Bank of Ireland where a lease does not satisfy these provisions. The specifications relate to the installation of panels on properties nationwide and is not restricted to Nefyn.
Will my lawyer be asking questions regarding flooding as part of the conveyancing in Nefyn.
Flooding is a growing risk for conveyancers specialising in conveyancing in Nefyn. Some people will purchase a property in Nefyn, fully aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, however there are a numerous searches that may be initiated by the purchaser or on a buyer’s behalf which will figure out the risks in Nefyn. The standard property information forms supplied to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the owner to find out whether the property has suffered from flooding. If the property has been flooded in past which is not revealed by the owner, then a buyer may commence a legal claim for losses as a result of such an incorrect response. A buyer’s lawyers may also conduct an enviro report. This will disclose if there is any known flood risk. If so, more detailed inquiries will need to be made.
I have been on the look out for a ground for flat up to £305k and identified one round the corner in Nefyn I like with a park and railway links in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in Nefyn suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan the remaining unexpired lease term will be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
In my capacity as executor for the will of my uncle I am disposing of a residence in Cardiff but live in Nefyn. My solicitor (approximately 250 kilometers from mehas requested that I execute a stat dec before the transaction finalising. Could you suggest a conveyancing practitioner in Nefyn who can attest and place their company stamp on the document?
Technically speaking you should not be required to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or solicitor will do regardless of whether they are located in Nefyn
My mortgage broker has recommended their conveyancer for our conveyancing in Nefyn - Surely it’s easier to just instruct them?
It is not always the case and you are at liberty to opt for whichever conveyancing practitioner of your choosing for your Nefyn home move. The conveyancer put forward by an estate agent may not necessarily be the right property lawyer, they may put forward their preferred conveyancing firm who are based remotely. In this instance you may not have contact with your lawyer and due to the lack of continuity in the transaction, it may be difficult to obtain progress reports.