We are purchasing a 1 bedroom apartment in Llangefni with a mortgage. We have a Llangefni conveyancer, however the bank says she’s not on their "panel". It appears that we have little option but to select one of the bank panel firms or continue with our Llangefni property lawyer as well as pay for one of their panel ones to act for them. We feel that this is inequitable; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Llangefni conveyancing solicitor to apply to be on the conveyancing panel.
we are a couple who are purchasing a purpose built flat in Llangefni with a residential mortgage from Chelsea Building Society.We have a Llangefni conveyancing solicitor but Chelsea Building Society says he's not on their approved list of firms. we are left little option but to use a Chelsea Building Society panel lawyer or keep our local solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; Can we not simply insist that Chelsea Building Society use our lawyer?
Unfortunately,no. The home loan offered to you contains various provisions, a common one being that solicitors needs to be on the Chelsea Building Society conveyancing panel. in the past, most banks had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Chelsea Building Society
I have been on the look out for a ground for flat up to £305k and found one near me in Llangefni I like with open areas and station in the vicinity, however it only has 52 years unexpired on the lease. I can't really find anything else in Llangefni suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a mortgage the shortness of the lease will be problematic. 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 a minimum of twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
In what way does the Landlord & Tenant Act 1954 impact my commercial premises in Llangefni and how can you help?
The 1954 Act gives security of tenure to business lessees, granting the a statutory right to apply to court for a continuation of occupancy at the end of the lease term. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing practices who use the act for protection and assist with commercial conveyancing in Llangefni
I am in need of some leasehold conveyancing in Llangefni. Before I get started I require certainty as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Llangefni - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I inherited a garden flat in Llangefni, conveyancing was carried out 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Llangefni with a long lease are worth £265,000. The ground rent is £50 per annum. The lease runs out on 21st October 2102
With only 76 years remaining on your lease the likely cost is going to be between £8,600 and £9,800 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.
I am purchasing a property and need a conveyancing solicitor in Llangefni who is on the bank approved panel. Could you point me in the right direction as regards a Llangefni solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for the mortgage company who do conveyancing in Llangefni. We dont recommend any particular conveyancing practice.