I am buying a new build apartment in Llangefni and my solicitor is informing me that she has to the mortgage company to disclose incentives from the builder. I am nearing the developer’s deadline to exchange contracts and I don't want to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We're in Llangefni, First timers buying with a mortgage (lender is Leeds Building Society , and our lawyer is on the Leeds Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Leeds Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor 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.
What is the difference between a licensed conveyancer and conveyancing solicitor in Llangefni
There are many registered licenced Conveyancers in Llangefni and Solicitor partnerships in Llangefni who provide Conveyancing services We would stress that the two are regulated professionals specialising in the legal work in transferring property. They may both also handle associated property related work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
This question may be naive but I am unseasoned as FTB of a ground floor flat in Llangefni. Do I receive the keys to the property on completion from my solicitor? If this is the case, I will use a High Street conveyancing solicitor in Llangefni?
On the day of completion you will not be required to go to the conveyancers office in Llangefni. Your solicitors will electronically transfer the completion advance to the owner’s lawyers, and shortly after the monies have arrived, you will be called to receive the keys from the Estate Agents and move into your new home. Usually this occurs between 1 and 3pm.
A colleague advised me that in buying a property in Llangefni there may be various restrictions limiting what one can do in terms of external alterations to the property. Is this right?
We are aware of a number of properties in Llangefni which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Llangefni should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have been on the look out for a flat up to £235,500 and found one round the corner in Llangefni I like with open areas and transport links 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 require a home loan the shortness of the lease will be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
My brother has encouraged me to appoint his conveyancers in Llangefni. Do I follow his recommendation?
No doubt the ideal way to choose a conveyancing lawyer is to get guidance from friends or family who have actually previously instructed the solicitor you're contemplating using.
Do you have any advice for leasehold conveyancing in Llangefni with the intention of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Llangefni can be bypassed if you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information needed by the buyers’ representatives. If you have had any disputes with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unresolved. You will have to accept that you will have to discharge any arrears of service charge or settle 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 purchasers, but it is better to reveal the dispute as historic rather than unresolved. A minority of Llangefni leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is able to meet the yearly 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 service charge figures so that they can pass this information on to the buyers or their lawyers. You may think that you are aware of the number of years left on your lease but you should verify this via your lawyers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.
Llangefni Conveyancing for Leasehold Flats - Sample of Questions you should ask before buying
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Is the freehold reversion owned jointly by the tenants? It would be wise to find out if there are any onerous prohibitions in the lease. By way of example it is fairly common in Llangefni leases that pets are not allowed in certain buildings in Llangefni. If you like the propertyin Llangefni yet your cat can’t live with you then you will be presented with a hard determination. Are there any major works anticipated that could increase the maintenance costs?