About to place an offer on a leasehold apartment in Colwyn Bay. The estate agents tell me that it is the norm for flats in Colwyn Bay to have less than 75 years unexpired on the lease. I am taking out a mortgage with Chelsea Building Society. Will the property be mortgageable given that the lease has 72 years left.

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 25/4/2024 the requirements read as follows :

I'm buying my first flat in Colwyn Bay with a loan from Alliance & Leicester . The sellers refused to reduce the amount so I negotiated 6k of additionals instead. The sale representative suggested that I not inform my solicitor about this extras as it could jeopardize my loan with the bank. Should I keep quiet?.

All lenders require a Disclosure of Incentives Form from the builder 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.

Do I need to be suspicious that third parties that I am dealing with are recommending an internet conveyancing firm rather than a High Street Colwyn Bay conveyancing firm?

As with many service providers, often referrals from relatives can be most helpful. Yet there are numerous parties with a vested interest in a conveyancing matter; estate agents, mortgage brokers and banks may suggest conveyancers to use. Sometimes the lawyers might be known to one of the organisations as experts in their field, but sometimes there might be a commercial relationship behind the recommendation. You are free to appoint your own conveyancer. However, bear in mind that some mortgage providers have an approved list of law firms you are obliged to use for the mortgage aspect of your transaction.

We're new on the property ladder - had an offer accepted, but the selling agent has warned us that the seller will only proceed if we instruct their preferred solicitors as they need a ‘quick sale’. Our preferred option is to instruct a family solicitor accustomed to conveyancing in Colwyn Bay

It is highly unlikely the sellers are driving this. If they want ‘a quick sale', alienating a genuine buyer is not the way to achieve this. Speak to the owners direct and make sure they comprehend that (a)you are genuine purchasers (b)you are ready to progress, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)but you intend to use your own,trusted Colwyn Bay conveyancing lawyers - not the ones that will give the negotiator at the agency a commission or meet his conveyancing figures pre-set by corporate headquarters.

What is the reason for new build conveyancing in Colwyn Bay being more expensive?

Purchasing a new build home is significantly distinct from the standard house purchase conveyancing in Colwyn Bay. Firstly housebuilders usually demand contracts to exchange within a tight deadline, so there is a lot of pressure on your conveyancing practitioner to ensure all is in order. Furthermore new build properties frequently involve the checking of adoption of highways, drains, planning considerations, building warranties or architects certificates. Mortgage company requirements are also more demanding. Due to the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.