My husband and I are planning to buy a house in Llanberis and are in fact using a Llanberis conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Lloyds TSB Bank have this morning contacted us to advise us that there is now an issue as our Llanberis lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is normal for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Llanberis solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Our conveyancer has uncovered a a legal deficiency with the lease for the apartment we are buying in Llanberis. The seller’s lawyers have offered title insurance as a solution. We are content with insurance and will pay for it. Our solicitor says that he must ensure that the mortgage company is happy with this solution. Are we the client or is the bank?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the mortgage company are the client. The appropriate lender conditions have to be complied with.
I am considering applying for a Santander mortgage for purchase of a new build (under development) in Llanberis with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Santander ?
There is nothing to stop you using your solicitor, but Santander will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
A friend advised me that if I am buying in Llanberis I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally included in the estimate for your Llanberis conveyancing searches. It is a large document of more than thirty pages, listing and setting out significant information about Llanberis around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Llanberis Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Llanberis Education with maps and statistics, Local Amenities and other useful data regarding Llanberis.
I am looking for a leasehold apartment up to £245,000 and found one near me in Llanberis I like with open areas and railway links in the vicinity, however it only has 49 years unexpired on the lease. There is not much else in Llanberis suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a home loan the shortness of the lease will be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
Back In 2003, I bought a leasehold house in Llanberis. Conveyancing and Birmingham Midshires mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Llanberis who previously acted has long since retired. What should I do?
The first thing you should do is contact HMLR to make sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Llanberis conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Leasehold Conveyancing in Llanberis - A selection of Questions you should ask before Purchasing
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Are there any major works in the planning that will likely increase the maintenance charges? You will want to discover as much as possible concerning the company managing the building as they can either make living at the property much simpler or problematic. As the owner of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to every day issues such as the upkeep of the communal areas. Enquire of other tenants if they are happy with their management. Finally, be sure you understand the dates that the maintenance charges are due to the relevant party and specifically what you get for your money. How much is the maintenance charge and ground rent on the apartment?