Forgive me if this question is silly but I am unseasoned as FTB of a garden flat in Trearddur Bay. Do I receive the keys to the property on the completion date from my conveyancer? If this is the case, I will find a High Street conveyancing solicitor in Trearddur Bay?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the purchase money to the seller's lawyers, and once they have received this, you should be invited to pick up the keys from the property Agents and start moving into the property. This tends to happen early afternoon.
I'm the sole beneficiary of my late grandmother’s estate with all property in now in my sole name, including the house in Trearddur Bay. The Trearddur Bay property was put into my name in March. I plan to dispose of the property. I do know about the Mortgage Lenders six month 'rule', which means that my property ownership will be considered the same way as though I had purchased the property in March. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. many banks would take a sensible view as this provision principally exists to capture subsales or the wholesaling and assigning of properties.
Is it the case that all Trearddur Bay conveyancing solicitors on the RBS conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the RBS approved list of solicitors they would need to be overseen by the SRA. The majority of banks do list licenced conveyancers on their panel in which case such practice would be regulated by the CLC.
I own a renovated Edwardian house in Trearddur Bay. Conveyancing solicitor represented me and Alliance & Leicester . I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold under the matching property. If a house is not a freehold shouldn't I have been informed?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Trearddur Bay and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the position with your conveyancing solicitor who completed the work.
I'm purchasing my first flat in Trearddur Bay benefiting from help to buy. The sellers would not reduce the amount so I negotiated five thousand pounds worth of extras instead. The property agent advised me not disclose to my solicitor about this extras as it will jeopardize my mortgage with Barnsley Building Society. Is this normal?.
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 flat up to £235,500 and identified one close by in Trearddur Bay I like with a park and station nearby, the downside is that it only has 52 years on the lease. There is not much else in Trearddur Bay in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
What are your top tips when it comes to appointing a Trearddur Bay conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Trearddur Bay conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Trearddur Bay conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be of use:
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What are the legal fees for lease extension work?
Leasehold Conveyancing in Trearddur Bay - Sample of Queries before Purchasing
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Generally speaking the outlay for major works are not included within service charges, although there some managing agents in Trearddur Bay require leaseholders to contribute towards a sinking fund and this is used to offset against major works. Is the freehold owned collectively by the tenants?
What do I do if I am unhappy with the property lawyer who conducted our conveyancing in Trearddur Bay?
Occasionally the level of service you receive is not as you expect, and unfortunately occasionally matters do not go as planned. That being said there is recourse if you were unhappy with your conveyancing in Trearddur Bay. This varies from trying to resolve matters directly with them, through to reporting a conveyancing practitioner to their regulator. If you remain aggrieved you may consider enlisting the help of the Legal Ombudsman.