My Tywyn solicitor has discovered an inconsistency between the information in the valuation report and what is in the title deeds. My solicitor says that he must check that the lender is happy with this discrepancy and is content to go ahead. Is my solicitor’s stance legitimate?
Your solicitor must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Can your site be used to locate a Conveyancing solicitor in Tywyn even if I’m not buying or disposing of a house, for example where I intend to buy an office in Tywyn with a loan from Lloyds TSB Bank?
Our search tool is predominantly used to select residential conveyancing solicitors in Tywyn but we have recorded towards the bottom of this page a few Tywyn commercial conveyancing firms. You will need to enquire with the company directly to establish if they can also act for Lloyds TSB Bank
Just had an offer accepted on a new build flat in Tywyn. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Tywyn
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
Due to the input of my in-laws I had a survey completed on a property in Tywyn in advance of appointing solicitors. I have been informed that there is a flying freehold element to the property. My surveyor advised that some banks will not grant a loan on such a home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Halifax. If you contact us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Tywyn. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Tywyn to see if the conveyancing will be more expensive.
I am a negotiator for a long established estate agent office in Tywyn where we have experienced a number of flat sales put at risk due to short leases. I have received inconsistent advice from local Tywyn conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can commence the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Tywyn Conveyancing for Leasehold Flats - Examples of Queries before buying
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The prefered form of lease structure is if the freehold reversion is in the ownership of the leaseholders. In this scenario the tenants have control and notwithstanding that a managing agent is usually retained where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves. How much is the ground rent and service charge? If a Tywyn lease has fewer than 80 years it will affect the value of the apartment. Check with your bank that they are content with remaining years on the lease. A short lease means that you will probably need a lease extension at some point and it is worth finding out what this would cost. Remember, in most cases you will be required to have been the owner of the premises for two years in order to be entitled to carry out a lease extension.
My solicitors in Tywyn have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with the lender. Is it case that being on the lender conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the lender directly.