We are about to sign contracts for a freehold house in Conwy. We encountered a stumbling block. Our mortgage offer with Chelsea Building Society expires on 12/2/2025 but the sellers are suggesting a completion date of 14/2/2025. Is it possible to extend the mortgage offer?
The person best placed to address this concern is your solicitors who is in a position to assess if they corresponding with the lender, vendor’s solicitors, property agents or conceivably all parties based on the circumstances your conveyancing to date.
My lawyer in Conwy has never been on on the Coventry Building Society Solicitor Panel. Can I still continue with my family solicitor even though they are not on the Coventry Building Society panel?
Your options are as follows:
- Carry on with your existing Conwy solicitors but Coventry Building Society will need to instruct a solicitor on their panel. This will inevitably rack up the overall legal charges and result in delays.
- Get an alternative solicitor to to deal with the purchase, obviously checking they are Coventry Building Society approved.
- Persuade your Coventry Building Society solicitor to seek to join the Coventry Building Society panel
I am buying a new build apartment in Conwy. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Conwy
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I am looking for a leasehold apartment up to £245,000 and identified one round the corner in Conwy I like with amenity areas and railway links nearby, however it's only got 61 years unexpired 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 purchasing a short lease?
Should you require a home loan the shortness of the lease may be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
Do you have any top tips for leasehold conveyancing in Conwy with the aim of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Conwy can be avoided where you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information which will be required by the buyers’ representatives. If you have had any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as over rather than unresolved. Many landlords or Management Companies in Conwy charge for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Conwy. You believe that you know the number of years left on your lease but it would be advisable double-check by asking your solicitors. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. In the circumstances it is important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.
Leasehold Conveyancing in Conwy - Examples of Queries before Purchasing
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The answer will be useful as a) areas can cause problems in the building as the communal areas may begin to deteriorate if repairs are not paid for b) if the leasehold owners have an issue with the running of the building you will want to have complete disclosure Who manages the block? How many years are left on the lease?
I yesterday found out that one of the directors of the solicitors handling the purchase conveyancing in Conwy is is the brother of the seller. Is this allowed?
As long as there is no conflict of interest this is allowable. If you are obtaining a home loan then the bank may have a say as many banks have specific instructions concerning this. For example for Coventry Building Society as of 12/12/2024, the requirements read as follows :
1.15- May your firm act if the person dealing with the transaction or a member of his immediate family is the borrower?
Yes, provided that a different fee earner or partner of no less standing acts for us, there is no conflict of interest and Law Society guidelines are followed.