Two weeks ago we had a mortgage agreed in principle with Bank of Ireland. Denbighshire conveyancing lawyers have been appointed. How long does it take for Bank of Ireland to issue the offer to the conveyancing practitioner?
Some lenders take longer than others. Have Bank of Ireland done the survey? Have you informed Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
The mortgage over my property is with Kent Reliance for my property in Denbighshire. Conveyancing was finalised months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Kent Reliance?
Kent Reliance must be informed of your intention prior to letting out your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. You need not do this via a Kent Reliance conveyancing panel firm.
I recently had an offer accepted on a house in Denbighshire. My mortgage broker suggested a solicitor. I paid an on account payment of £225. A couple of days later, the property lawyer contacted me embarrassingly acknowledging that they were not on the Virgin Money conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Virgin Money panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Are there restrictive covenants that are commonly picked up during conveyancing in Denbighshire?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Denbighshire. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Denbighshire differ for newly converted properties?
Most buyers of new build premises in Denbighshire come to us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is finished. This is because house builders in Denbighshire typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Denbighshire or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a straight forward, chain free conveyancing. Denbighshire is the location of the property. Is there any guidance you can give?
Flying freeholds in Denbighshire are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Denbighshire you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Denbighshire may decide 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 property.
In what way does the Landlord & Tenant Act 1954 impact my commercial property in Denbighshire and how can your lawyers assist?
The 1954 Act gives a safeguard to business lessees, granting the dueness to apply to court for a continuation of occupancy at the end of the lease term. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Denbighshire is one of our hundreds of locations in which the firms we work with have offices