The Llanfairfechan conveyancing firm handling our Llanfairfechan conveyancing has identified an inconsistency between the information in the valuation survey and what is in the title deeds. My lawyer says that he is obliged to ensure that the lender is happy with this discrepancy and is still content to lend. Is my conveyancer’s course or action legitimate?
Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Are there restrictive covenants that are commonly identified during conveyancing in Llanfairfechan?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Llanfairfechan. 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…’
I'm buying my first flat in Llanfairfechan with a mortgage from Lloyds TSB Bank. The developers refused to budge the price so I negotiated £7000 of fixtures and fittings instead. The property agent advised me not disclose to my lawyer about this deal as it will impact my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I opted to have a survey done on a house in Llanfairfechan in advance of instructing conveyancers. I have been advised that there is a flying freehold aspect to the house. My surveyor advised that some banks will not issue a loan on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. If you e-mail us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Llanfairfechan. Conveyancing may be slightly more expensive based on your lender's requirements.
I want to let out my leasehold apartment in Llanfairfechan. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
Even though your previous Llanfairfechan conveyancing lawyer is no longer available you can review your lease to see if it allows you to sublet the premises. The accepted inference is that if the lease is non-specific, subletting is allowed. There may be a precondition that you need to seek consent from your landlord or some other party before subletting. This means that you cannot sublet without first obtaining permission. Such consent should not be unreasonably refused ore delayed. If the lease prohibits you from subletting the property you should ask your landlord for their consent.
Leasehold Conveyancing in Llanfairfechan - A selection of Queries before buying
Is the freehold reversion owned jointly by the leaseholders? What is the name of the managing agents?