My husband and I are approaching an exchange on a house in Borth and my mum and dad have transferred the exchange deposit to my lawyer. I am now told that as the deposit has not arrived from me my conveyancing practitioner needs to make a notification to my bank. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I advised the bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The lawyer is duty bound to clarify with lender to ensure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Why is leasehold purchase conveyancing in Borth costs more?
In summary, leasehold conveyancing in Borth and elsewhere usually requires more work compared to freehold transactions. This includes lease investigation, corresponding with the landlord about the service of required notices, procuring current service charge and management information, securing the landlord’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.
I have Fifty Six years left on my lease and need a lease extension for my apartment in Borth. Conveyancing solicitors on the Virgin panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 23/1/2025 the requirements read as follows :
How does conveyancing in Borth differ for newly converted properties?
Most buyers of new build residence in Borth come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Borth usually 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 accustomed to new build conveyancing in Borth or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one near me in Borth I like with amenity areas and railway links in the vicinity, however it's only got 61 years unexpired on the lease. I can't really find anything else in Borth suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage that many years will likely be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
I purchased a house in Borth last 27/12/2023 and to date it is still not registered with HM Land Registry. It was part of a new estate and my solicitor told me that it can take twelve months to register. I have called HMLR directly and they say that the original application was cancelled due to failure to reply to requisitions. What can I do?
It is your property lawyer that you must turn to here in order to satisfy any concerns which have arisen as part of the registration formalities for your Borth property. Normal Borth conveyancing practice includes an undertaking on the part of the vendor’s conveyancer that they will assist in resolving any requisition raised by HMLR so it may be a case of seeking to enforce that undertaking in some way.