We're in Menai Bridge, First timers buying with a mortgage (lender is Co-operative , and our lawyer is on the Co-operative conveyancing panel). How long should the conveyancing process take?

The fact that your lawyer is on the Co-operative conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.

How does conveyancing in Menai Bridge differ for new build properties?

Most buyers of new build premises in Menai Bridge contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is finished. This is because developers in Menai Bridge usually acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Menai Bridge or who has acted in the same development.

I'm converting the mortgage on my current house to a BTL loan with Norwich and Peterborough Building Society and I will use the rest of the raised equity as a down payment on another property. The neighborhood we are talking about is Menai Bridge. Will your lawyers be able to act for the two mortgage companies and link together the conveyances?

Make use of our comparison tool on this site to ensure that the lawyers are approved by both banks. Having checked that they are the conveyancer should be able to connect the two deals but you should talk with you conveyancer and communicate your desired outcome and needs.

I am intending to rent out my leasehold flat in Menai Bridge. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?

A lease governs relations between the landlord and you the flat owner; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Menai Bridge do not contain strict prohibition on subletting – such a provision would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

I am the registered owner of a studio flat in Menai Bridge, conveyancing was carried out in 1996. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Menai Bridge with an extended lease are worth £176,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2076

With only 50 years left to run the likely cost is going to range between £31,400 and £36,200 plus legals.

The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.

I have miscalculated my finances and am a couple of thousand pounds short a 10% deposit on my apartment purchase in Menai Bridge , but I still want to exchange. What can I do?

You can agree a smaller deposit. Most sellers will accept a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.

You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment