I am nearing exchange of contracts for my maisonette in Mold and the EA has just e-mailed to warn that the purchasers are changing their property lawyer. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their approved list. On what basis would a major lender only engage with specific lawyers rather the firm that they want to choose to handle their conveyancing in Mold ?
Lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Banks point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any sway in the decision.
Completed the sale of my flat in Mold last August but our buyer keeps SMS messaging me to moan that their lawyer needs to hear from mine. What should my lawyer have done following completion?
Post completion of your disposal your conveyancer should deliver the transfer deeds and all additional paperwork to the purchaser's lawyers. Where relevant, your solicitor must also send confirmation that the home loan has been repaid to the buyers conveyancers. There is unlikely to be post completion tasks peculiar conveyancing in Mold.
I am buying my first flat in Mold benefiting from help to buy. The sellers would not reduce the price so I negotiated £7000 of extras instead. The sale representative told me not reveal to my solicitor about the side-deal as it will put at risk my mortgage with the bank. Should I keep quiet?.
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.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one near me in Mold I like with a park and railway links in the vicinity, however it only has 52 years unexpired on the lease. There is not much else in Mold suitable, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan that many years will likely be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
My husband and I are four weeks into a freehold purchase having been recommend to conveyancers by the high street agent to execute conveyancing in Mold. I am not happy. Can you you assist me in finding new conveyancers?
A lawyer would have to be really poor in order to consider changing them. Has your loan offer been sent? If so you need to inform them of the replacement conveyancer and have the loan are re-sent. Your solicitor ideally should be on the lenders approved list to avoid added costs and complications. That should be your first question of the new lawyers. The search tool will help you find a lender approved conveyancer for your conveyancing in Mold
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Mold. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
The majority of houses in Mold are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. it is apparent that you are purchasing in Mold so you should seriously consider looking for a Mold conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should appraise you on the various issues.
I acquired a 2 bed flat in Mold, conveyancing was carried out October 2003. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Mold with an extended lease are worth £206,000. The ground rent is £45 levied per year. The lease runs out on 21st October 2091
You have 66 years remaining on your lease the likely cost is going to range between £11,400 and £13,200 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.