I plan on purchasing property in Llangollen. My lawyer is not on the lender approved panel. Can I still appoint my Llangollen conveyancing solicitor even though they are not on the mortgage company panel?
One will need to use a conveyancing practitioner to complete the formalities if you take out a loan to buy your property. The conveyancing practitioner will carry out all the necessary due diligence on the property, ensuring that you will be registered as proprietor and ensure that all the required mortgage paperwork is in place. You could appoint a Llangollen solicitor of your choice. Nevertheless, if the conveyancing practitioner appointed is not a member of the bank approved list supplemental costs will be incurred as separate legal representation will be need by the bank. Lender panel applications may be submitted, so if your conveyancer has not in the past applied for membership they should do so.
Should my solicitor be raising enquiries regarding flooding as part of the conveyancing in Llangollen.
Flooding is a growing risk for conveyancers specialising in conveyancing in Llangollen. There are those who purchase a property in Llangollen, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to impart advice on flood risk, however there are a numerous searches that may be carried out by the buyer or on a buyer’s behalf which should figure out the risks in Llangollen. The conventional set of information given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the vendor to find out whether the property has suffered from flooding. If flooding has previously occurred and is not notified by the vendor, then a buyer could commence a legal claim for losses as a result of such an incorrect reply. A buyer’s conveyancers should also order an environmental search. This should disclose whether there is a recorded flood risk. If so, additional investigations will need to be initiated.
How does conveyancing in Llangollen differ for new build properties?
Most buyers of new build residence in Llangollen contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is constructed. This is because builders in Llangollen tend to buy the land, 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 property lawyers 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 Llangollen or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a simple, no chain conveyancing. Llangollen is where the house is located. Can you offer any guidance?
Flying freeholds in Llangollen are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Llangollen you would need to get your solicitor to go 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 Llangollen may determine 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 residence.
I am attracted to a couple of apartments in Llangollen both have about 50 years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Llangollen is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. For most purchasers and mortgage companies, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Llangollen conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Leasehold Conveyancing in Llangollen - Examples of Questions you should consider Prior to buying
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What is the maintenance charge and ground rent on the property? Make sure you enquire if there are any onerous prohibitions in the lease. By way of example plenty of leases prohibit pets being allowed in certain buildings in Llangollen. If you like the apartmentin Llangollen yet your dog is not allowed to move with you then you will be faced difficult decision. Many Llangollen leasehold flats will be liable to pay a service charge for maintenance of the building levied by the landlord. If you acquire the flat you will have to pay this contribution, usually in instalments accross the year. This could vary from a few hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. In all likelihood there will be a ground rent to be met annual, this is usually not a significant amount, say around £50-£100 but you need to check it because sometimes it could be many hundreds of pounds.
My wife and I have instructed a Llangollen conveyancing solicitor for our house purchase (first time buyers) and have noticed in the engagement letter that they are not overseen by the FCA. Need I be worried or is that standard with property lawyer?
We can't see why they should be. Most conveyancer don't lend money. They should be governed by the Solicitors Regulation Authority, who have strict laws in place on funds deposited on client account.