My husband and I are only a couple days away from an exchange on a flat in Colwyn Bay and my mum and dad have transferred the ten percent deposit to my lawyer. I am now informed that as the deposit has not come from me my conveyancing practitioner needs to make a notification to my mortgage company. 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 informed the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The conveyancer is legally required to clarify with mortgage company to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
I am buying a house and the solicitor has identified Chancel Repair to which the house may be obligated to contribute to because it falls into the area of such a church. She has recommended insurance. Is this really warranted for conveyancing in Colwyn Bay
Unless a prior acquisition of the premises took place post 12 October 2013 you could expect solicitors conducting conveyancing in Colwyn Bay to remain encouraging a chancel search and or insurance against a claim.
I am looking for a leasehold apartment up to £245,000 and identified one near me in Colwyn Bay I like with open areas and station in the vicinity, however it's only got 61 years unexpired on the lease. There is not much else in Colwyn Bay suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage that many years will likely be an issue. Reduce 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 at least 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
My husband and I are first time buyers - agreed a price, yet the estate agent told us that the vendor will only go ahead if we use their preferred solicitors as they need an ‘expedited deal’. We would rather use a local conveyancer accustomed to conveyancing in Colwyn Bay
We suspect that the seller is unaware of this requirement. Should the seller require ‘a quick sale', alienating a serious purchaser is going to damage their objectives. Bypass the agents and go straight to the owners and explain that (a)you are keen to buy (b)you are ready to progress, with finances in place © you do not need to sell (d) you intend to proceed fast (e)however you intend to appoint your preferred Colwyn Bay conveyancing lawyers - as opposed tothe ones that will give the estate agent a commission or achieve conveyancing targets pre-set by HQ.
Estate agents have just been given the go-ahead to market my basement flat in Colwyn Bay. Conveyancing lawyers have not yet been instructed, however I have recently received a quarterly service charge demand – what should I do?
The sensible thing to do is discharge the service charge as normal because all rents and maintenance invoices will be allotted on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I invested in buying a studio flat in Colwyn Bay, conveyancing having been completed 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Colwyn Bay with over 90 years remaining are worth £206,000. The ground rent is £45 per annum. The lease ceases on 21st October 2088
With only 65 years remaining on your lease the likely cost is going to be between £13,300 and £15,400 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.