My husband and I are hoping to purchase a home in Old Colwyn and are in fact using a Old Colwyn conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Aldermore have this evening contacted us to inform me that they have now hit a problem as our Old Colwyn conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is normal for the purchasers' lawyers 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 Old Colwyn solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am the registered owner of a freehold property in Old Colwyn yet charged rent, why is this and what is this?
It is rare for properties in Old Colwyn and has limited impact for conveyancing in Old Colwyn but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I have been recommended a conveyancing solicitor in Old Colwyn. I need to find out if they are on the Alliance & Leicester approved list of lawyers. Could you advise?
You should e-mail the conveyancer and enquire if they can act for the bank. Alternatively you can get in touch with Alliance & Leicester who may be able to confirm.
three months have elapsed since my purchase conveyancing in Old Colwyn took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I need to instruct a conveyancing solicitor for sale conveyancing in Old Colwyn. I happened to stumble across a site which seems to have the perfect answer If there is a chance to get all this stuff completed via web that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am tempted by the attractive purchase price for a couple of maisonettes in Old Colwyn which have in the region of fifty years remaining on the leases. Will this present a problem?
There are plenty of short leases in Old Colwyn. The lease is a right to use the property for a prescribed time frame. As a lease shortens the value of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena.
Old Colwyn Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing
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Is anyone aware of any major works in the planning that will increase the service fees? Does the lease have onerous restrictions? It is important to be aware whether changing the roof or some other major work is due in the foreseeable future to be shared by the tenants and will materially impact the level of the maintenance costs or require a one time payment.