We're in Dolgellau, First time buyers purchasing with a mortgage (lender is Principality , and our lawyer is on the Principality conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Me and my brother own a renovated Edwardian property in Dolgellau. Conveyancing solicitor represented me and National Westminster Bank. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, the second leasehold under the matching property. I thought I was buying a freehold how can I check?
You need to read 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 Dolgellau and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with your conveyancing lawyer who conducted the purchase.
I'm purchasing my first flat in Dolgellau with a mortgage from Birmingham Midshires. The sellers refused to move on the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not inform my conveyancer about the side-deal as it would affect my mortgage with Birmingham Midshires. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what should have been a simple, no chain conveyancing. Dolgellau is where the house is located. Is there any guidance you can give?
Flying freeholds in Dolgellau are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Dolgellau you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Dolgellau 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.
Can you provide any top tips for leasehold conveyancing in Dolgellau from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Dolgellau can be reduced where you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information needed by the buyers’ solicitors. If there is a history of conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to 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 historic as opposed to unsettled. You believe that you know the number of years left on your lease but it would be wise to verify this via your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is under 80 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. Some Dolgellau leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. If you hold a share in a the Management Company, you should ensure that you are holding the original share document. Arranging a replacement share certificate can be a lengthy process and delays many a Dolgellau home move. Where a new share certificate is required, do contact the company director and secretary or managing agents (if relevant) for this as soon as possible.
I invested in buying a ground floor flat in Dolgellau, conveyancing having been completed in 2012. Can you work out an approximate cost of a lease extension? Corresponding flats in Dolgellau with over 90 years remaining are worth £222,000. The average or mid-range amount of ground rent is £50 per annum. The lease ends on 21st October 2096
With just 71 years left to run we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
How do I find out who is the owner of a house in Dolgellau?
Provided the premises is registered with HM Land Registry, and you have requisite details of the location of the premises, you will be able to obtain details from the the Land Registry of the recorded owner for a fee.