My solicitor has uncovered a a problem with the lease for the flat we are buying in Capel Curig. The seller’s lawyers have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must be satisfied that the bank is willing to move forward with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
My wife and I are purchasing a property in Capel Curig. I might seem paranoid but how we can trust a solicitor? On the day of competition we have to put money into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am the single recipient of my late grandmother’s estate with all property in now in my sole name, including the my former home in Capel Curig. Conveyancing formalities meant that the Land Registry date was in August. I plan to dispose of the house. I understand that there is a CML 6 month 'rule', which means that my property ownership could be treated the same way as if I'd bought the house in August. Will no one buy the property for half a year?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. How practical a view mortgage companies take of it, depend on the bank as this requirement is primarily there to capture the purchase and immediately sell or the wholesaling and assigning of property.
I am due to exchange contracts on my house. I had a double glazing fitted in March 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Clydesdale are being problematic. The Capel Curig solicitor who is on the Clydesdale conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Clydesdale are requiring a building regulation certificate. Why do Clydesdale have a conveyancing panel if they don't accept advice from them?
It is probably the case that Clydesdale have referred the matter to their valuer. The reason why Clydesdale may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. Capel Curig is the location of the property. Is there any advice you can give?
Flying freeholds in Capel Curig are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Capel Curig you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Capel Curig may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Is it simple use the search tool to find a conveyancing solicitor in Capel Curig on the authorised to act for my lender?
1st pick a bank such as Yorkshire Building Society, The Royal Bank of Scotland or Godiva Mortgages Ltd then type in your location e.g. Capel Curig. Conveyancing firms in Capel Curig and beyond should be listed.
I am tempted by the attractive purchase price for a two flats in Capel Curig both have about 50 years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Capel Curig is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the premises. For most buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Capel Curig conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I bought a 2 bed flat in Capel Curig, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Capel Curig with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 per annum. The lease finishes on 21st October 2078
With just 56 years left to run we estimate the premium for your lease extension to span between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.