I am considering applying for a Leeds Building Society mortgage for purchase of a new build (under development) in Barry Island with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Leeds Building Society ?
In theory, you could use a solicitor that is not on the Leeds Building Society conveyancing panel, but Leeds Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
We are close to exchanging contracts on the sale of our property in Barry Island and according to the buyers it appears that there is a risk of it being constructed on contaminated land. A local conveyancer would know that there is no such problem. For the life of me I don't know why the buyers are using a factory type conveyancing practice as opposed to a conveyancing solicitor in Barry Island. We have lived in Barry Island for many years we know that this is a non issue. Do we contact our local Authority to get confirmation that the buyers are looking for.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
How does conveyancing in Barry Island differ for new build properties?
Most buyers of new build premises in Barry Island contact us having been asked by the developer to sign contracts and commit to the purchase even before the property is ready to move into. This is because builders in Barry Island tend to buy the land, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Barry Island or who has acted in the same development.
I'm remortgaging my current property to a BTL mortgage with Norwich and Peterborough Building Society and intend to use the remaining equity towards another property. The area we are looking at is Barry Island. Will your solicitors be able to act for the two lenders and tie in the conveyances?
Do use our search tool on this page to check that the solicitors are on the appropriate lender panels. Assuming that they are your conveyancer will be able to simultaneously deal with the two conveyancing matters but you should have a chat with you conveyancer and make apparent your desired outcome and requirements.
I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Barry Island. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
The majority of houses in Barry Island are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Barry Island in which case you should be shopping around for a Barry Island conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer should advise you fully on all the issues.
Barry Island Conveyancing for Leasehold Flats - Sample of Queries before buying
-
How much is the maintenance charge and ground rent on the flat? How many of the leaseholders are in arrears for their maintenance charge payments? Is anyone aware of any major works in the planning that could add a premium to the service fees?
My mum and dad are unable to locate their Barry Island land registry title on the site. They recall that back in the 60’s when they acquired the house there were complications regarding Barry Island not being identified on some systems.
Nearly all residences in Barry Island should be revealed. Have you endevoured to search to just the postcode. Ordinarily it should reveal all the properties inside the postcode. Where registered it will be there with a title number. Where they bought sixty years ago it's conceivable it may be unregistered. The property might still be revealed but with the title number shown 'na'. In this scenario you will need to track down the original title papers which might be with your parent’s lender.