We are planning to purchase a 3 bedroom flat in Morfa Nefyn with a mortgage. We wish to retain our Morfa Nefyn conveyancer, however the bank says he's not on their "panel". We have to appoint one of the mortgage company panel firms or keep our Morfa Nefyn conveyancer as well as pay for one of their panel lawyers to act for them. We feel that this is unjust; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Morfa Nefyn conveyancing solicitor to apply to be on the conveyancing panel.
We were just about to exchange contracts for a freehold house in Morfa Nefyn. We encountered a stumbling block. The mortgage offer with National Westminster Bank runs out on 24/6/2019 but the sellers are suggesting a completion date of 26/6/2019. Is it possible to prolong the loan expiry date?
The person best placed to address this issue is your conveyancer who should determine whether he or she is corresponding with the mortgage company, seller’s conveyancers, property agents or indeed all three based on the circumstances your house move as of today.
When it comes to lenders such as Principality, do Morfa Nefyn solicitors have to pay an annual charge to be on the conveyancing panel?
We are not aware of any bank fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
We had chosen conveyancing lawyers locally in Morfa Nefyn on the Co-operative solicitor panel. They have just invoiced me a separate amount for the legal aspects of the Co-operative mortgage. Is this an additional conveyancing fee specified by Co-operative?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your property lawyer can charge a fee for this. This charge is not dictated by Co-operative but by your Morfa Nefyn conveyancing practitioner. Some firms on the Co-operative panel will charge ’dealing with mortgage’ fee but many firms incorporate it on their overall fee.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Morfa Nefyn building society branch on a couple of occasions and was told it does not affect the mortgage offer and they will lend. My Morfa Nefyn conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
As long as the solicitor is on the mortgage company panel, they must follow the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have been on the look out for a flat up to £305k and identified one round the corner in Morfa Nefyn I like with amenity areas and railway links in the vicinity, however it's only got 52 years on the lease. There is not much else in Morfa Nefyn suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a home loan the remaining unexpired lease term may be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
I am in need of some leasehold conveyancing in Morfa Nefyn. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
Assuming the lease is registered - and 99.9% are in Morfa Nefyn - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I inherited a studio flat in Morfa Nefyn, conveyancing formalities finalised September 1997. How much will my lease extension cost? Equivalent flats in Morfa Nefyn with a long lease are worth £197,000. The ground rent is £55 yearly. The lease finishes on 21st October 2074
With only 55 years remaining on your lease we estimate the price of your lease extension to range between £31,400 and £36,200 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 in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.