I opted for a high street lawyer for our conveyancing in Llanfairfechan last week. Upon checking the Ts and Cs I noteI am responsible for costs even if our purchase aborts. Should I ditch them and select a web based lawyer advertising no move no charge conveyancing in Llanfairfechan?

Generally there is a compromise along the lines that if "No Sale No Fee" is available then the conveyancing charges will tend to be be more expensive to counteract the cases that fail to complete. Do bear in mind that such promotions generally do not cover outlay such your Llanfairfechan conveyancing search expenses.

I had intended to instruct a property lawyer in Llanfairfechan for our home move. Our broker informed us that our mortgage lenders Halifax won't deal with them. Surely this is unduly restrictive?

Before the recession most mortgage companies had an appetite for risk which was higher than today. Almost all Llanfairfechan conveyancing firms would have been on many bank panels. The Financial Services Authority in 2010 carried out a thematic investigation into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms relating to their operations and their employees and set certain criteria such a completing on a minimum amount of conveyancing. Many Llanfairfechan conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Llanfairfechan is one of the thousands of locations where the solicitors we list are are authorised to act for Halifax.

Over the last few months I have been searching for a ground for flat up to £245,000 and identified one near me in Llanfairfechan I like with amenity areas and railway links in the vicinity, however it only has 49 years on the lease. I can't really find anything else in Llanfairfechan suitable, so just wondered if I would be making a mistake buying a lease with such few years left?

Should you need a home loan the remaining unexpired lease term will likely be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.

I've recently bought a leasehold house in Llanfairfechan. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Leasehold Conveyancing in Llanfairfechan - A selection of Queries Prior to buying

Be sure to enquire if there is anything that is prohibited in the lease. For instance it is fairly common in Llanfairfechan leases that pets are not permitted in in a block in Llanfairfechan. If you like the propertyin Llanfairfechan however your cat is not allowed to move with you then you will be presented with a hard determination. Is there a share of the freehold? How many of the leaseholders are in arrears for their maintenance charge payments?

We own a leasehold flat in Llanfairfechan. Conveyancing was finished in five years ago. I have been told that I should not allow the the remaining lease term to fall too low. Why is that a problem?

Llanfairfechan domestic long term leases are for a fixed term - normally ninety nine years when they started. However many appartments in Llanfairfechan were constructed or converted in the 70’s80’s and so such leases now have less than eighty years left to run. This may seem like plenty of time but Banks, Building Societies and other mortgage companies generally require leases to have a minimum of 75 years remaining to adequate security. This means that when you come to sell the property you will need to extend the term of your lease if you are approaching seventy five years. To enhance the saleability of your property you should be considering whether to extend your lease well in advance of selling the property. Furthermore advantages to doing so before the lease reaches even 80 years as when the lease falls below eighty years the premium to be paid to extend starts to get a lot more expensive.