It is not clear whether my lender requires a lease extension. I have called into my local Prestatyn building society branch on various occasions and was told it wasn't a problem and they will lend. My Prestatyn conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancer is on the bank approved list, they must comply with the CML Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
After shopping around on the internet I have found a Prestatyn conveyancer having made sure that they are on the RBS conveyancing panel. Does my lawyer arrange the survey of the property?
RBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually RBS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Prestatyn postcode. As you are getting a mortgage with RBS, you could contact them to see if they have a list of approved surveyors in Prestatyn.
Lloyds have agreed my mortgage in principle, my offer on a house in Prestatyn has been agreed to, now what?
Your property agent will want to know who your solicitors are (be sure the conveyancing practitioners are on the bank’s panel). Call up Lloyds or the financial adviser and finish off any appropriate paperwork. Lloyds will instruct a valuer who will get in contact with the selling agent or vendor to schedule an appointment. Once conducted (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Lloyds will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Prestatyn.
I completed on my apartment on 5 September and my personal details are still not registered. Any reason for this? My conveyancing solicitor in Prestatyn advises it would be dealt with in less than a month. Are titles in Prestatyn uniquely lengthy to register?
As far as conveyancing in Prestatyn registration is no quicker or slower than anywhere else in England and Wales. As opposed to being determined by geographic area, timescales can vary subject to the party submitting the application, whether there are errors and if the Land registry must send notices to any third persons or bodies. As of today roughly 80% of submission are fully dealt with in less than three weeks but some can be subject to longer delays. Historically registration is effected once the new owner is living at the property therefore post completion formalities is not typically an essential issue yet where it is urgent that the the registration takes place urgently then you or your lawyers could communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in Prestatyn differ for newly converted properties?
Most buyers of new build or newly converted property in Prestatyn contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in Prestatyn tend to buy the site, 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 Prestatyn or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a simple, chain free conveyancing. Prestatyn is the location of the property. Can you shed any light on this issue?
Flying freeholds in Prestatyn are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Prestatyn you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Prestatyn may determine 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 residence.
I am hoping to sign contracts shortly on a garden flat in Prestatyn. Conveyancing lawyers inform me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Prestatyn should include some of the following:
Your lawyers should enable you to have an understanding of the insurance obligations specifics of the parties to the lease, for example these could be the tennant, superior lessor, landlord What options are open to you if another leaseholder in the building breaches a clause of their lease? Does the lease prohibit wood flooring? Who has the liability to repair and maintain the building. It is essential for you to know who is liable for the repair and maintenance of all parts of the block and estate
Leasehold Conveyancing in Prestatyn - Examples of Queries before buying
The prefered form of lease structure is where the freehold reversion is owned by the leaseholders. In this scenario the tenants have control and even though a managing agent is usually employed where the building is bigger than a house conversion, the managing agent is directed by the tenants. Does the lease include onerous restrictions? Best to be warned if fixing the lift or some other significant cost is pending that will be shared by the leaseholders and will dramatically impact the level of the maintenance fees or necessitate a specific payment.
Developers have suggested I use a property lawyer and I've sought an estimate from them. They are nearly £400 cheaper than my preferred Prestatyn conveyancer. What's the catch?
Developers normally have panels of conveyancing practitioners who are quick and who know the developer’s paperwork and conveyancer. Plenty of developers offer an incentive to select their approved solicitor for this reason, any increased cost can be avoided and a builder won't put forward a conveyancing factory and run the risk of having the conveyancing stall when they require an exchange in 28 days. The argument for not opting for the suggested conveyancer is that they may prove hesitant to 'push' your interests at the risk of upsetting the developer. Where you have concerns that this may be the situation you should keep with your local Prestatyn solicitor.