It has come to my attention via my estate agent that my Mold lawyer is not on the lender Conveyancing panel. What can I do to be certain that this is indeed the case?
The first thing you need to do is to contact your Mold conveyancer. It is reasonable to expect your lawyer to notify you of the situation. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your bank.
My wife and I are approaching an exchange on a property in Mold and my mum and dad have sent the ten percent deposit to my solicitor. I am now advised that as the deposit has been received from someone other than me my conveyancing practitioner needs to make a notification to my bank. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I disclosed to the bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
The solicitor is obliged to check with mortgage company to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
We wanted to use a property lawyer in Mold for our house move. Our financial adviser has since notified us that our bank Santander won't deal with them. Surely this is unduly restrictive?
Pre- 2008 most mortgage companies had an appetite for risk which was higher than today. Almost all Mold conveyancing firms would have been on many bank panels. The FSA in 2010 carried out a thematic review into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms concerning their operations and the individuals who work for them as well as establishing certain criteria such a completing on a minimum number of conveyancing. Many Mold conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Mold is amongst the numerous areas where the solicitors we recommend are are approved Santander.
I am intent on selling our home in Mold and according to the buyers it appears that there is a possibility that the property was built on contaminated land. Any high street Mold conveyancer would know that there is no such problem. It does beg the question why the purchasers are using a nationwide conveyancing practice as opposed to a conveyancing solicitor in Mold. We have lived in Mold for six years we know that this is a non issue. Should we get in touch with our local Authority to seek confirmation that the buyers are looking for.
It would appear that you have a conveyancing solicitor already. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I am looking for a flat up to £195,000 and found one close by in Mold I like with a park and railway links nearby, however it only has 52 remaining years left on the lease. There is not much else in Mold for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan the remaining unexpired lease term will likely be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
Do you have any top tips for leasehold conveyancing in Mold from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Mold can be reduced if you appoint lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the buyers’ conveyancers. The majority of freeholders or Management Companies in Mold charge for providing management packs for a leasehold home. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Mold. You believe that you know the number of years remaining on your lease but it would be wise to double-check via your solicitors. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is below 75 years. In the circumstances it is essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. If you are supposed to have a share in the freehold, you should ensure that you hold the original share certificate. Obtaining a new share certificate can be a time consuming process and slows down many a Mold conveyancing transaction. If a duplicate share certificate is required, you should approach the company director and secretary or managing agents (where applicable) for this as soon as possible.
I invested in buying a 1 bedroom flat in Mold, conveyancing was carried out in 2005. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Mold with over 90 years remaining are worth £211,000. The ground rent is £45 yearly. The lease terminates on 21st October 2092
You have 67 years left to run the likely cost is going to span between £10,500 and £12,000 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.