My son is purchasing a newly built flat in Porthmadog with a mortgage from TSB. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?

The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the TSB conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the TSB conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.

My wife and I are buying a flat in Porthmadog. I might seem paranoid but how we can trust a solicitor? At some point we will need to deposit our life savings into their account. What protection do we have from them run away with our deposit?

Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.

I have paid off my mortgage with Aldermore. I assume I don't need a Porthmadog conveyancer on the Aldermore panel to remove the mortgage at the Land Registry. Please confirm.

If you have finished paying off your Aldermore mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Aldermore mortgage from the register. Aldermore, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:

1. but are not moving to another property
2. where Aldermore has sent the Land Registry the discharge electronically, and
3. Aldermore has instructed the Land Registry to do so

I currently have a mortgage with Nationwide for my property in Porthmadog. Conveyancing was finalised months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nationwide?

Your original mortgage agreement with Nationwide will provide that you need their approval prior to renting your property as this is likely to be a breach of Nationwide’s mortgage conditions. It may be that Nationwide will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nationwide directly. You need not do this via a Nationwide conveyancing panel lawyer.

Should our lawyer be raising questions concerning flooding as part of the conveyancing in Porthmadog.

Flooding is a growing risk for lawyers specialising in conveyancing in Porthmadog. Some people will buy a house in Porthmadog, completely expectant that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the premises. Steps can be carried out during the course of a house purchase to forewarn the purchaser.

Lawyers are not qualified to offer advice on flood risk, but there are a number of checks that may be undertaken by the buyer or on a buyer’s behalf which will give them a better understanding of the risks in Porthmadog. The conventional set of information sent to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the seller to determine whether the premises has ever been flooded. In the event that flooding has previously occurred and is not revealed by the vendor, then a purchaser may bring a compensation claim as a result of such an inaccurate response. A buyer’s lawyers will also carry out an environmental report. This should reveal if there is any known flood risk. If so, more detailed investigations should be made.

How does conveyancing in Porthmadog differ for newly converted properties?

Most buyers of new build property in Porthmadog come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is finished. This is because house builders in Porthmadog tend to acquire the real estate, 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 accustomed to new build conveyancing in Porthmadog or who has acted in the same development.

Over the last few months I have been searching for a ground for flat up to £305k and found one close by in Porthmadog I like with a park and transport links nearby, however it only has 52 years unexpired on the lease. There is not much else in Porthmadog for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?

If you need a mortgage that many years may be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.