I am nearing exchange of contracts for my maisonette in Gwynedd and the EA has just e-mailed to say that the purchasers are changing their property lawyer. The excuse is that the lender will only work with property lawyers on their conveyancing panel. On what basis would a major mortgage company only engage with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Gwynedd ?
Mortgage companies have always had panels of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders blame a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any impact on this.
My aunt passed away 10 months ago and as sole heir and executor I was left the property in Gwynedd. The house had a small mortgage left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Nationwide, pay off the mortgage. Is this possible?
If you plan to re-mortgage then Nationwide will require that you use a conveyancer on the Nationwide conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Nationwide conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Nationwide mortgage is registered as a charge at the Land Registry.
It has been four months following my purchase conveyancing in Gwynedd concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Can you provide any advice for leasehold conveyancing in Gwynedd from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Gwynedd can be avoided where you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation needed by the buyers’ solicitors. If you have had conflict with your freeholder or managing agents it is essential that these are resolved before the property is put on the market. The buyers and their solicitors will be nervous about purchasing a property where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unresolved. You believe that you know the number of years remaining on your lease but you should verify this via your lawyers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. If you hold a share in a the Management Company, you should ensure that you hold the original share certificate. Obtaining a replacement share certificate can be a time consuming process and slows down many a Gwynedd home move. If a reissued share is needed, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later. A minority of Gwynedd leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
I am the registered owner of a leasehold flat in Gwynedd, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Gwynedd with an extended lease are worth £175,000. The ground rent is £65 per annum. The lease finishes on 21st October 2076
With just 58 years left to run we estimate the price of your lease extension to range between £23,800 and £27,400 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
Whilst your website is a good idea there are many lawyers listed near Gwynedd being on the mortgage company conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the lender approved panel?
We do not recommend specific Gwynedd firms as the right Gwynedd conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Gwynedd knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..