We are hoping to acquire a 1 bedroom flat in Gwynedd with a mortgage. We wish to retain our Gwynedd lawyer, but the lender advise she’s not on their "panel". It seems we have no option but to appoint one of the mortgage company panel solicitors or continue with our Gwynedd conveyancer and pay for one of their panel ones to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Gwynedd conveyancing solicitor to apply to be on the conveyancing panel.
At what point can the exchange of contracts occur in residential conveyancing in Gwynedd and am I required to attend the lawyers branch?
Where you are round the corner to one of the conveyancing solicitors in Gwynedd you are welcome to attend to sign documents. However, the firms we recommend supply a nationwide conveyancing service and give as equally diligent and professional a job for you when dealing with you digitally. The signing of the contract is not when everything is set in stone. Signing on the dotted line is just a prerequisite for the solicitor to officially exchange when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Gwynedd)to be in the office available at the end of the phone to exchange contracts.
When it comes to lenders such as Yorkshire BS, do Gwynedd property lawyers have to pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
I can not fathom if my lender requires a lease extension. I have called into my local Gwynedd bank branch on various occasions and was told it does not impact the mortgage offer and they would lend. My Gwynedd conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Your conveyancing practitioner has to follow the CML Handbook section two specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I had an offer accepted on an apartment in Gwynedd on 23/2/2021, valuation was booked 2 days after, received a clean bill of health. Conveyancer instructed, so the only thing outstanding was my mortgage offer. Having made daily calls to TSB and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the TSB conveyancing panel. Are TSB entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for TSB to deal with your lawyer's application to be on the TSB conveyancing panel. There's no guarantee that your solicitor will be accepted.
Expecting to sign contracts shortly on a leasehold property in Gwynedd. Conveyancing solicitors have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Gwynedd should include some of the following:
The physical extent of the demise. This might be the property itself but may incorporate a roof space or cellar if appropriate. if lease caters for for a slush account for major works? Are pets allowed in the flat? Does the lease prevent you from letting out the property, or working from home Does the lease require carpeting throughout thus preventing wood flooring?
I own a 2 bed flat in Gwynedd, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar flats in Gwynedd with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £45 per annum. The lease finishes on 21st October 2085
With just 64 years unexpired we estimate the price of your lease extension to span between £14,300 and £16,400 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
I have been advised by numerous estate agents to expect six to eight weeks for Gwynedd conveyancing to complete.This was 3 ago. The draft contract was only received from the vendors lawyer last week so now does it countdown?
There is no conventional countdown for conveyancing in Gwynedd, or any area in the UK. You simply have to make sure your finances are in place and wait for the rest to come to you eventually.