I have just started taking steps with the aim of changing my domestic mortgage to a Buy to Let Britannia mortgage. I was told by my financial advisor that I must appoint a lawyer for this. I had a chat my former Betws Y Coed conveyancing practitioner who dealt with the legals when I originally purchased the property. The fee calculation e-mailed to me of £550 is surprising as its a refinance than a sale or purchase.
The estimate does seem a tad overpriced. Where you are content to expend time scrutinising prices you may be able to reduce the fees marginally by say £125. On the other hand, if you were satisfied with the conveyancing the firm offered you maylive to regret opting for an an untested solicitor. Remember to check the solicitor can also act for Britannia. You can make use of our search tool to locate a Betws Y Coed conveyancing firm on the Britannia member panel, which can often include conveyancing solicitors in Betws Y Coed.
I purchased a freehold premises in Betws Y Coed but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Betws Y Coed and has limited impact for conveyancing in Betws Y Coed but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
Is it the case that all Betws Y Coed CQS (Conveyancing Quality Scheme) solicitors are on the Skipton conveyancing list of approved practices?
Some major banks and building societies now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their panels.
I am buying a property in Betws Y Coed. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Leeds Building Society be concerned?
Given that your lender is Leeds Building Society your lawyer must check the conveyancing requirements outlined in Part 2 of UK Finance Lenders’ Handbook for Leeds Building Society. The CML Handbook sets out minimum specifications for solar panel roof-space leases, and property lawyers are required to report to Leeds Building Society where a lease does not meet these provisions. The requirements relate to the installation of panels on properties nationwide and is not isolated to Betws Y Coed.
After shopping around on the internet I have found a Betws Y Coed property lawyer having checked that they are on the Principality conveyancing panel. Does my lawyer arrange the survey of the property?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality 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 solicitor 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 Betws Y Coed postcode. As you are getting a mortgage with Principality, you could contact them to see if they have a list of approved surveyors in Betws Y Coed.
Just had an offer accepted on a new build flat in Betws Y Coed. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Betws Y Coed
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Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. 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.
I am looking for a ground for flat up to £305k and identified one close by in Betws Y Coed I like with open areas and station in the vicinity, however it only has 51 years on the lease. There is not much else in Betws Y Coed for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan the remaining unexpired lease term may be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
Are Betws Y Coed conveyancing solicitors duty bound by the Law Society to issue clear conveyancing figures?
Inbuilt into the Solicitors Code of Conduct are set rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their charges to clients.The Law Society have a practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not to be interpreted as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, nevertheless, constitute the Law Society’s view of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Betws Y Coed or or elsewhere in the country.