We are getting closer to an exchange on a property in Moelfre and my mum and dad have transferred the 10% deposit to my solicitor. I am now advised that as the deposit has not come from me my property lawyer needs to disclose this to my mortgage company. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the bank concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
The conveyancing practitioner is legally required to clarify with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
I require quick conveyancing in Moelfre as I have pressure to sign on the dotted line within 4 weeks. A mortgage is not required. Is it possible to decline from having conveyancing searches to save money and time?
As you are not taking a home loan you have the choice not to do searches although no conveyancer would recommend that you don't. Drawing on years of experience of conveyancing in Moelfre the following are examples of issues that can arise and therefore affect the marketability of the property: Enforcement Actions, Overdue Charges, Overdue Grants, Road Schemes,...
How does conveyancing in Moelfre differ for newly converted properties?
Most buyers of new build premises in Moelfre contact us having been asked by the developer to sign contracts and commit to the purchase even before the property is completed. This is because new home sellers in Moelfre tend to purchase the site, 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 conveyancers 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 Moelfre or who has acted in the same development.
In what way can the Landlord & Tenant Act 1954 affect my commercial offices in Moelfre and how can your lawyers assist?
The particular law that you refer to affords a safeguard to commercial tenants, granting the legal entitlement to make a request to court for a new tenancy and remain in occupation at the end of an expired lease. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Moelfre is one of the hundreds of locations in which the firms we work with are located
What advice can you give us when it comes to choosing a Moelfre conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Moelfre conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Moelfre conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be useful:
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What volume of lease extensions have they carried out in Moelfre in the last twenty four months? If the firm is not ALEP accredited then what is the reason?
I bought a basement flat in Moelfre, conveyancing formalities finalised 5 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Moelfre with a long lease are worth £180,000. The ground rent is £65 charged once a year. The lease comes to an end on 21st October 2084
With 59 years remaining on your lease we estimate the premium for your lease extension to be between £20,900 and £24,200 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
We own a leasehold flat in Moelfre. Conveyancing was finished in 2009. I have been told that I mustn’t allow the the remaining lease term to get too low. Is this correct?
Moelfre domestic long term leases are for a prescribed term - usually just under one hundred years when they started. However a significant appartments in Moelfre were built or converted 30 or more years ago and so such leases now have under eighty years unexpired. That may seem like a long time but Banks, Building Societies and other mortgage institutions on the whole require leases to have a minimum of 75 years left to adequate security. Accordingly when you come to sell the property you will need to extend the term of your lease if you are getting close to seventy five years. To increase your property value you should be considering whether or not to extend your lease long before you come to sell it. You should note that there are advantages to taking action before the lease reaches even eighty years as when the lease is below 80 years the premium to be paid to extend starts to escalate.