My wife and I are hoping to purchase a 1 bedroom flat in Caernarfon with a mortgage. We like our Caernarfon solicitor, but the mortgage company says she’s not on their "panel". It appears that we have little option but to instruct one of the mortgage company panel firms or continue with our Caernarfon conveyancer and pay for one of their panel firms to act for them. We regard this is unjust; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Caernarfon conveyancing solicitor to apply to be on the conveyancing panel.
Me and my partner are acquiring our first home. The conveyancer has calledto ask if we wish to order supplemental conveyancing searches. We are really unsure what's recommended for conveyancing in Caernarfon
The type of Caernarfon conveyancing searches should be dictated primarily on the property, the location, the probability of any of these risks, your familiarity of the area and risks, your general approach to risk. What matters is that you adequately comprehend what information each search could supply. You may then make a decision if you personally think you need that search. Where you are unsure, ask your solicitor to provide guidance.
We are looking to buy a flat and need a conveyancing solicitor in Caernarfon who is on the Skipton solicitor panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Skipton . We don't recommend any particular firms conducting conveyancing in Caernarfon.
I have been told that property searches are the number one reason for stalling in Caernarfon conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not figure within the common causes of delays in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Caernarfon.
I decided to have a survey completed on a house in Caernarfon before instructing lawyers. I have been informed that there is a flying freehold aspect to the house. The surveyor advised that some banks may not grant a mortgage on a flying freehold house.
It depends who your proposed lender is. Santander has different instructions for example to Nationwide. Should you wish to telephone us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Caernarfon. Conveyancing will be smoother if you use a solicitor in Caernarfon especially if they are accustomed to such properties in Caernarfon.
Are there frequently found problems that you encounter in leases for Caernarfon properties?
Leasehold conveyancing in Caernarfon is not unique. All leases are individual and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
-
Repairing obligations to or maintain elements of the building Service charge per centages that don't add up correctly leaving a shortfall
You could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Chelsea Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.
Leasehold Conveyancing in Caernarfon - Examples of Queries Prior to Purchasing
-
Make sure you enquire if there is anything that is prohibited in the lease. For example it is fairly common in Caernarfon leases that pets are not permitted in in a block in Caernarfon. If you like the apartmentin Caernarfon yet your dog can’t live with you then you will be presented with a difficult decision. Where a Caernarfon lease has no more than 80 years it will affect the marketability of the property. It is worth checking with your lender that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will probably require a lease extension at some point and you need to have some idea of how much this will be. For most Caernarfonlease extensions you will need to own the property for 24 months before you are entitled to carry out a lease extension. Are any of leasehold owners in arrears of their service charge liability?