It is 10 years ago since I purchased my house in Conwy. Conveyancing solicitors have just been appointed on the sale but I am unable to track down my title deeds. Is this a major issue?
You need not be too concerned. First there is a possibility that the deeds will be kept by your mortgage company or they could be in the possession of the solicitor who handled your purchase. Secondly in all probability the title will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors procuring up to date copy of the land registers. Most conveyancing in Conwy involves registered property but in the unlikely event that your property is not registered it adds to the complexity but is resolvable.
I am considering applying for a Principality mortgage for purchase of a newly converted (under development) in Conwy with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Principality ?
In theory, you could use a solicitor that is not on the Principality conveyancing panel, but Principality would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I own a semi-detached Edwardian property in Conwy. Conveyancing practitioner represented me and National Westminster Bank. I did a free Land Registry search last week and there are a couple of entries: the first freehold, another for leasehold under the exact same address. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Conwy and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with the conveyancing practitioner who conducted the conveyancing.
How does conveyancing in Conwy differ for newly converted properties?
Most buyers of new build residence in Conwy contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is finished. This is because house builders in Conwy typically acquire 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 conveyancers 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 Conwy or who has acted in the same development.
I have been on the look out for a ground for flat up to £195,000 and found one round the corner in Conwy I like with amenity areas and transport links in the vicinity, the downside is that it only has 51 years on the lease. I can't really find anything else in Conwy in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
Back In 2003, I bought a leasehold flat in Conwy. Conveyancing and Alliance & Leicester mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Conwy who previously acted has now retired. Do I pay?
First contact HMLR to be sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Conwy conveyancing practitioner to do this as it can be done on-line for £3. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Conwy Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
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Make sure you enquire if there are any onerous prohibitions in the lease. For instance some leases prohibit pets being permitted in in a block in Conwy. If you like the apartmentin Conwy however your dog is not allowed to live with you then you have a very difficult determination. Best to be warned if changing the roof or some other significant cost is due shortly to be shared amongst the leasehold owners and may well materially increase the the service costs or require a one off invoice. Are any of leasehold owners in dispute over their service charge payments?