Why do I have to pay up front for conveyancing in Criccieth?
If you are buying a property in Criccieth your solicitor will request that you put them with monies to cover the search fees. Ordinarily this is needed to cover the fees of the Local Authority Search. When the down payment is as part of the total price then this will be asked for immediately prior to exchange of contracts. The final balance that is due should be transferred a few days ahead of the day of completion.
Forgive me if this question is silly but I am new to the home buying as a 1st time purchaser of a two bedroom flat in Criccieth. Do I receive the keys to the premises on completion from my lawyer? If this is the case, I will instruct a High Street conveyancing solicitor in Criccieth?
On the day of completion you do not need to attend the conveyancers office in Criccieth. Your solicitors will transfer the purchase money to the owner’s conveyancers, and shortly after the monies have arrived, you should be able to pick up the keys from the selling Agents and move into your new home. Usually this occurs between 1 and 3pm.
I have paid off my mortgage with Nottingham. I assume I don't need a Criccieth property lawyer on the Nottingham panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Nottingham mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nottingham mortgage from the register. Nottingham, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nottingham has sent the Land Registry the discharge electronically, and
- Nottingham has instructed the Land Registry to do so
At last I have had an offer on a flat in Criccieth accepted, the sellers do however have an associated purchase. The sellers have put an offer on a flat, but it’s not yet tied up, and have viewings of other flats in the pipeline. I have instructed a local conveyancing solicitor in Criccieth. What should be my next step? When should I get the mortgage application with Coventry BS started?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx £1k, then survey, Criccieth conveyancing search fees, etc). First, you must ensure that your conveyancer is on the Coventry BS approved list. As to the subsequent phase this very much depends on the circumstances of your transaction, attraction to the property and on the state of the market. In a buoyant market the majority of home buyers would apply for a home loan with Coventry BS and arrange for the valuation and only if it was satisfactory would they request their conveyancing practitioner to move forward with the conveyancing in Criccieth.
How does conveyancing in Criccieth differ for new build properties?
Most buyers of new build residence in Criccieth contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is finished. This is because developers in Criccieth 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 conveyancing solicitors 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 Criccieth or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a straight forward, no chain conveyancing. Criccieth is the location of the property. Can you shed any light on this issue?
Flying freeholds in Criccieth are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Criccieth you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Criccieth may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I work for a busy estate agency in Criccieth where we have experienced a number of flat sales put at risk due to short leases. I have been given contradictory information from local Criccieth conveyancing firms. Could you clarify whether the owner of a flat can instigate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Criccieth Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
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This information is useful as a) areas can result in problems in the block as the communal areas may begin to deteriorate where services remain unpaid b) if the leasehold owners have a dispute with the managing agents you will want to have all the details Many Criccieth leasehold flats will have a service bill for maintenance of the block set on behalf of the management company. Where you buy the apartment you will have to meet this charge, usually periodically during the year. This could be anything from a few hundred pounds to thousands of pounds for buildings with lifts and large common grounds. In all probability there will be a rentcharge for you to pay yearly, ordinarily this is not a exorbitant figure, say approximately £25-£75 but you need to enquire it because occasionally it can be prohibitively expensive. How long is the Lease?
What are my options where I am unhappy with the conveyancer who undertook my conveyancing in Criccieth?
We live in an imperfect world, and unfortunately occasionally matters do not go as planned. However there is recourse if you were not happy with your conveyancing in Criccieth. This varies from trying to resolve matters directly with them, through to reporting a property lawyer to their governing body. If you remain unhappy you may consider getting in touch with the Legal Ombudsman.