My wife and I are planning to acquire a flat in Moelfre and have instructed a Moelfre conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Platform Home Loans Ltd have this evening contacted us to inform me that they have now hit a problem as our Moelfre lawyer is not on their approved list of lawyers. Is this a problem?
Where you are buying a property requiring a mortgage it is standard for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Moelfre lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Why is leasehold purchase conveyancing in Moelfre is more expensive?
The conveyancing fees on a leasehold premises in Moelfre is frequently greater as compared to a freehold residence. This is because there is an amount of supplemental time required in communicating with the landlord and management company to obtain evidence concerning whether the rent and service charges have been discharged and whether there are any major works due in the near future on repairs or maintenance of the building.
Is it the case that all Moelfre CQS (Conveyancing Quality Scheme) solicitors are on the Yorkshire BS conveyancing panel?
It is true that some banks and building societies now utilise the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
Is it the case that all Moelfre solicitor firms on the Coventry BS conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Coventry BS conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. Many banks do permit licenced conveyancers on their panel and in such a situation the practice would be governed by the CLC.
I have instructed a Moelfre solicitor having checked that they are on the UBS conveyancing panel. Does my lawyer arrange the survey of the property?
UBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually UBS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Moelfre postcode. As you are getting a mortgage with UBS, you could contact them to see if they have a list of approved surveyors in Moelfre.
What does a local search reveal regarding the property my wife and I buying in Moelfre?
Moelfre conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search company such as Onsearch The local search plays an important part in many a Moelfre conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your property. The search will supply information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
I am looking for a ground for flat up to £245,000 and identified one round the corner in Moelfre I like with amenity areas and transport links nearby, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Moelfre suitable, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan the shortness of the lease will be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
I've found a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Moelfre. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Moelfre ?
Most houses in Moelfre are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. We note that you are purchasing in Moelfre so you should seriously consider looking for a Moelfre conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor will appraise you on the various issues.
I bought a 1 bedroom flat in Moelfre, conveyancing was carried out 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Moelfre with a long lease are worth £211,000. The average or mid-range amount of ground rent is £45 per annum. The lease terminates on 21st October 2094
With 68 years left to run we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.