I have just been advised by my financial adviser that my Borth Y Gest lawyer is not on the bank Conveyancing panel. How can I be sure whether this is correct?
You need to call your Borth Y Gest conveyancer. It is reasonable to expect your lawyer to inform you of the situation. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your lender.
We're in Borth Y Gest, First time buyers purchasing with a mortgage (lender is Bank of Ireland , and our solicitor is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My wife and I are planning on selling our home in Borth Y Gest and according to the buyers it appears that there is a possibility that the property was constructed on contaminated land. A local lawyer would know that there is no such problem. It does beg the question why the buyers are using a factory type conveyancing outfit rather than a conveyancing solicitor in Borth Y Gest. Having lived in Borth Y Gest for 5 years we know of no issue. Should we contact our local Authority to get clarification that there is no issue.
It sounds as though you may have a conveyancing solicitor already. What do they say? You must enquire of 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 sickness)
How does conveyancing in Borth Y Gest differ for new build properties?
Most buyers of new build premises in Borth Y Gest contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is constructed. This is because house builders in Borth Y Gest tend to 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 used to new build conveyancing in Borth Y Gest or who has acted in the same development.
I've found a house that seems to meet my requirements, at a great price which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Borth Y Gest. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Borth Y Gest ?
Most houses in Borth Y Gest are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. It is clear that you are buying in Borth Y Gest so you should seriously consider looking for a Borth Y Gest conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should advise you fully on all the issues.
Borth Y Gest Leasehold Conveyancing - Sample of Queries Prior to buying
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How many years are left on the lease? Its a good idea to find out as much as you can about the company managing the block as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to every day issues such as the cleanliness of the common parts. You should not be shy to ask other people if they are happy with their management. On a final note, investigate as to the dates that you are obliged pay the service charge to the appropriate party and precisely what it includes. If a Borth Y Gest lease has less than eighty years it will affect the marketability of the apartment. It is worth checking with your bank that they are willing to lend given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and you need to have some idea of what this will be. For most Borth Y Gestlease extensions you will be required to have owned the premises for a couple of years before you are eligible to extend the lease.
My cousin is purchasing a studio flat in Borth Y Gest. He was given a quote by the property lawyer connected to the selling agents and it came to £1245 . It was seven years ago I sold and purchased a house and the bill was £just under six hundred pounds. Have charges really gone up that much?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for instance Borth Y Gest searches, land registry fees, etc)