Me and my fiance are buying a 2 bedroom apartment in Colwyn Bay with a mortgage. We have a Colwyn Bay lawyer, but the mortgage company says he's not on their "panel". We have to appoint one of the mortgage company panel solicitors or keep our Colwyn Bay property lawyer as well as pay for one of their panel lawyers to represent them. This seems very unfair; can we not require that the mortgage company use our Colwyn Bay solicitor ?
Unfortunately,no. The mortgage offered to you 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. A further alternative is for your Colwyn Bay conveyancing solicitor to apply to be on the conveyancing panel.
I own a freehold premises in Colwyn Bay yet pay rent, why is this and what is this?
It’s unusual for properties in Colwyn Bay and has limited impact for conveyancing in Colwyn Bay 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
I have been referred to a conveyancing solicitor in Colwyn Bay. I I am struggling to find out if they are accepted on the Skipton Building Society conveyancing panel. Could you or the lender confirm if they are on the panel?
The first thing you should do is phone your lawyer and ask them if they can act for the lender. Otherwise you should call Skipton Building Society who may be able to confirm.
This question may be naive but I am wet behind the ears as FTB of a ground floor flat in Colwyn Bay. Do I pick up the keys to the property on completion from my conveyancer? If this is the case, I will appoint a local conveyancing solicitor in Colwyn Bay?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the completion advance to the owner’s conveyancers, and once they have received this, you should be able to pick up the keys from the selling Agents and move into your new home. Usually this happens between 1 and 3pm.
We had chosen conveyancers based in Colwyn Bay on the RBS solicitor approved list. They have just invoiced me a separate sum for handling the RBS mortgage. Is this a supplemental conveyancing fee set by RBS?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your property lawyer can levy a fee for this. This fee is not dictated by RBS but by your Colwyn Bay property lawyer. Some firms on the RBS panel will levy an ‘acting for lender’ fee but some firms include it on their overall fee.
I've read lots of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Colwyn Bay solicitor - who is on the UBS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
UBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually UBS 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. You may wish to consider appointing your own Colwyn Bay surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I have justfound out that Action Conveyancing have been shut down. They conducted my conveyancing in Colwyn Bay for a purchase of a freehold house 18 months ago. How can I check that the property is not still registered in the name of the previous owner?
The easiest method to see if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Colwyn Bay conveyancing specialists.
I have just started marketing my 2 bed apartment in Colwyn Bay. Conveyancing is yet to be initiated, however I have just had a yearly maintenance charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear the service charge as you normally would because all rents and service charges will be allotted on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I bought a garden flat in Colwyn Bay, conveyancing was carried out September 2000. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Colwyn Bay with a long lease are worth £176,000. The ground rent is £50 yearly. The lease terminates on 21st October 2075
With only 50 years remaining on your lease we estimate the price of your lease extension to range between £31,400 and £36,200 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.