My flat in Betws Y Coed is up for sale and I have accepted an offer. Will the conveyancing practitioner have to be required to be on the Principality conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Principality conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently currently.
I have been told that property searches are the primary reason for hinderance in Betws Y Coed house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances in the conveyancing process. Searches are unlikely to be the root cause of slowing down conveyancing in Betws Y Coed.
three months have elapsed following my purchase conveyancing in Betws Y Coed took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one close by in Betws Y Coed I like with amenity areas and station nearby, however it's only got 61 years unexpired on the lease. There is not much else in Betws Y Coed for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the shortness of the lease will likely be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
I'm remortgaging my current property to a BTL loan with Skipton Building Society and intend to use the remaining equity as a deposit on further property. The area we are looking at is Betws Y Coed. Will your lawyers be able to act for the two mortgage companies and link together the two deals?
Make use of our search tool on this site to check that the lawyers are approved by both lenders. Assuming that they are the solicitor will be able to simultaneously deal with the two transactions but you should talk with you solicitor and make apparent your expectations and needs.