Is there a reason why leasehold purchase conveyancing in Betws Y Coed costs more?
In summary, leasehold conveyancing in Betws Y Coed and Conwy usually requires extra work compared to freehold conveyancing. This includes lease investigation, corresponding with the landlord concerning serving required notices, obtaining up-to-date service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
My lawyer in Betws Y Coed is not listed on the Godiva Mortgages Ltd Conveyancing Panel. Is it possible for me to retain my prefered solicitor notwithstanding that they are excluded from the Godiva Mortgages Ltd list of approved lawyers?
The limited options available to you here include:
- Carry on with your preferred Betws Y Coed lawyers but Godiva Mortgages Ltd will need to use a solicitor on their panel. This will result in additional overall conveyancing fees as well as cause delays.
- Find an alternative solicitor to act in the conveyancing, obviously checking they are Godiva Mortgages Ltd approved.
- Try to convince your Godiva Mortgages Ltd solicitor to seek to join the Godiva Mortgages Ltd panel
Will our conveyancer be making enquiries about flooding during the conveyancing in Betws Y Coed.
Flooding is a growing risk for lawyers dealing with homes in Betws Y Coed. Plenty of people will purchase a property in Betws Y Coed, fully aware that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, however there are a number of checks that can be carried out by the purchaser or by their conveyancers which should give them a better understanding of the risks in Betws Y Coed. The standard completed inquiry forms sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard question of the seller to discover whether the property has ever been flooded. In the event that the property has been flooded in past which is not revealed by the owner, then a purchaser could commence a compensation claim resulting from an misleading answer. A purchaser’s lawyers should also order an environmental report. This should higlight whether there is a recorded flood risk. If so, further investigations will need to be conducted.
I'm purchasing a new build house in Betws Y Coed with a loan from Santander. The builders would not budge the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep advised me not reveal to my lawyer about the deal as it will jeopardize my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I own a leasehold flat in Betws Y Coed. Conveyancing and Bank of Ireland mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Betws Y Coed who previously acted has now retired. Do I pay?
The first thing you should do is contact HMLR to make sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to instruct a Betws Y Coed conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I own a leasehold flat in Betws Y Coed, conveyancing formalities finalised 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Betws Y Coed with a long lease are worth £227,000. The ground rent is £50 invoiced annually. The lease terminates on 21st October 2096
You have 72 years remaining on your lease we estimate the price of your lease extension to span between £9,500 and £11,000 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
My solicitors in Betws Y Coed have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with the bank. Is it case that being on the bank conveyancing panel they need to have retained the file for a prescribed period?
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 bank directly.