I have a decision in principle. The bank mentioned the mortgage came with free conveyancing. Does this mean I have to appoint their panel lawyer as I would prefer to use a specialised conveyancing solicitor in Gwynedd?
You should check but the the probability is that appoint one of their panel lawyers where you want the "fee-free" incentive. Speak to the mortgage company and check if they allow a monetary alternative. In the past a few lenders offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor near Gwynedd.
A colleague advised me that in purchasing a property in Gwynedd there could be a number of restrictions preventing external changes to the property. Is this right?
There are a number of properties in Gwynedd which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Gwynedd should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I can not fathom if my mortgage offer requires a lease extension. I have telephoned my Gwynedd bank branch on various occasions and was told it does not affect the mortgage offer and they will lend. My Gwynedd conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
The solicitor must follow the Council of Mortgage Lenders’ Handbook section two requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 left on the lease.
Having read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Gwynedd solicitor - who is on the RBS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
RBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually RBS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Gwynedd postcode. As you are getting a mortgage with RBS, you could contact them to see if they have a list of approved surveyors in Gwynedd.
Various online forums that I have frequented warn that are the primary reason for hinderance in Gwynedd conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays in the conveyancing process. Local searches are not likely to feature in any slowing down conveyancing in Gwynedd.
I'm buying my first flat in Gwynedd benefiting from help to buy. The builders refused to move on the amount so I negotiated 6k of additionals instead. The property agent suggested that I not reveal to my solicitor about this deal as it will affect my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Having checked my lease I have discovered that there are only 62 years remaining on my lease in Gwynedd. I now wish to extend my lease but my landlord is absent. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to locate the landlord. For most situations an enquiry agent would be helpful to try and locate and to produce an expert document which can be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s disappearance and the application to the County Court overseeing Gwynedd.
I am the registered owner of a basement flat in Gwynedd, conveyancing having been completed October 1999. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Gwynedd with a long lease are worth £222,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ends on 21st October 2090
With 70 years left to run we estimate the price of your lease extension to span between £9,500 and £11,000 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.