My solicitor has uncovered a defect with the lease for the property we are buying in Penmaenmawr. The other side have suggested defective title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer says that he must be satisfied that the lender is content with this solution. Are we the client or is the mortgage company ?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the mortgage company are the client. The appropriate lender specifications have to be complied with.
We are expecting a mortgage offer soon. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to appoint their panel solicitor as I would much rather use a Penmaenmawr based conveyancing firm?
Do check but the the probability is that appoint one of their panel conveyancers if you want the "fee-free" offer. Call the bank and determine if they offer you a cash alternative. Some mortgage companies have previously offered a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor near Penmaenmawr.
Me and my brother own a 4 bedroom Georgian property in Penmaenmawr. Conveyancing solicitor acted for me and Britannia. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, another for leasehold under the exact same property. Is it worth asking Britannia to clarify?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Penmaenmawr and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with the conveyancing practitioner who completed the work.
I have been on the look out for a flat up to £195,000 and identified one round the corner in Penmaenmawr I like with open areas and transport links nearby, however it only has 52 years unexpired on the lease. There is not much else in Penmaenmawr for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you need a home loan the shortness of the lease will likely be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
Am I right to be suspicious by estate agents that I am dealing with are suggesting a web based conveyancing firm as opposed to a High Street Penmaenmawr conveyancing firm?
As is the case with lots of professional services, often recommendations from family and friends can be extremely useful or valuable. Yet there are lots of parties with a vested interest in a conveyancing matter; estate agents, mortgage brokers and lenders might all recommend conveyancers to instruct. On occasion the conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there exists a commercial relationship behind the recommendation. You are free to choose your own lawyer. Don't forget that some lenders specify a panel list of conveyancers you must use for the lender aspect of your home move.
Been reading online that Penmaenmawr solicitors are more costly than licensed conveyancers in Penmaenmawr to use when purchasing a property. Am I better off using a conveyancer or a solicitor if I am buying for my home move in Penmaenmawr.
When it comes to conveyancing in Penmaenmawr the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.