Can you explain why leasehold purchase conveyancing in Menai Bridge costs more?
The conveyancing charges for a leasehold property in Menai Bridge is inevitably greater when contrasted to a freehold residence. This is due to the additional time necessary in dealing with the landlord and managing agents to collate the evidence about whether the rent and service fee have been paid and whether there are any significant expenditure in the foreseeable future on repairs or maintenance of the building.
I am considering applying for a Kent Reliance mortgage for purchase of a newly converted (under development) in Menai Bridge with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Kent Reliance ?
There is nothing to stop you using your solicitor, but Kent Reliance will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
When it comes to lenders such as Principality, do Menai Bridge property lawyers have to pay an annual charge to be on the conveyancing panel?
We are not aware of any mortgage company fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
is it true that all Menai Bridge solicitors on the UBS conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the UBS approved list of solicitors they would need to be overseen by the SRA. The majority of mortgage companies do permit licenced conveyancers on their panel in which case such firms would be regulated by the CLC.
After much negotiation I have agreed a price on an apartment in Menai Bridge. My mortgage broker suggested a conveyancer. I paid an advanced payment of £150. Shortly after, the conveyancer called me embarrassingly acknowledging that they were not on the Principality conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Principality panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Should our solicitor be raising questions concerning flooding as part of the conveyancing in Menai Bridge.
Flooding is a growing risk for conveyancers dealing with homes in Menai Bridge. There are those who purchase a house in Menai Bridge, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Conveyancers are not qualified to impart advice on flood risk, but there are a numerous searches that may be carried out by the purchaser or on a buyer’s behalf which will give them a better appreciation of the risks in Menai Bridge. The conventional set of property information forms given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual question of the owner to find out if the premises has ever been flooded. In the event that flooding has previously occurred and is not revealed by the seller, then a purchaser could issue a claim for damages resulting from an misleading answer. A purchaser’s solicitors should also conduct an enviro search. This should indicate whether there is a recorded flood risk. If so, additional investigations will need to be carried out.
I'm buying a new build house in Menai Bridge benefiting from help to buy. The builders would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The estate agent advised me not disclose to my conveyancer about this deal as it would put at risk my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
In what way does the Landlord & Tenant Act 1954 affect my business property in Menai Bridge and how can you help?
The particular law that you refer to affords protection to business tenants, giving them the right to make a request to court for a continuation of occupancy when the lease comes to an end. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Menai Bridge is one of the numerous locations in which our lawyers are based