I am buying a new build apartment in Bodelwyddan and my conveyancer is advising me that she has to the mortgage company to disclose incentives from the developer. I am under pressure to sign contracts and my preference is not to prolong matters. Is my lawyer right?

You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.

How does conveyancing in Bodelwyddan differ for newly converted properties?

Most buyers of new build residence in Bodelwyddan come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because new home sellers in Bodelwyddan typically buy 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 property lawyers 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 Bodelwyddan or who has acted in the same development.

I decided to have a survey carried out on a property in Bodelwyddan before retaining lawyers. I have been told that there is a flying freehold overhang to the house. Our surveyor advised that some lenders tend not give a mortgage on this type of home.

It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. If you e-mail us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Bodelwyddan. Conveyancing may be slightly more expensive based on your lender's requirements.

Do I need to be concerned that 3rd parties that I am dealing with are encouraging me to use a national conveyancing firm rather than a High Street Bodelwyddan conveyancing company?

As is the case with lots of professional services, often referrals from relatives can be worth their weight in gold. Nevertheless there are numerous parties with a vested interest in a conveyancing deal; estate agents, mortgage brokers and lenders might all suggest solicitors to appoint. On occasion the lawyers might be known to one of the organisations as one of the best in their field, but occasionally there might be a commercial relationship behind the recommendation. You are free to appoint your preferred conveyancer. However, bear in mind that many banks specify a panel list of law firms you have to use for the mortgage aspect of your transaction.

I today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Bodelwyddan. Conveyancing lawyers have not yet been appointed. Will they explain the issues?

The majority of houses in Bodelwyddan are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. We note that you are buying in Bodelwyddan in which case you should be looking for a Bodelwyddan conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your conveyancer should appraise you on the various issues.

Leasehold Conveyancing in Bodelwyddan - Sample of Questions you should consider Prior to Purchasing

The prefered form of lease structure is a share of the freehold. In this situation the lessees enjoy control and although a managing agent is usually retained if it is bigger than a house conversion, the managing agent acts for the leaseholders themselves. What restrictions exist in the Bodelwyddan Lease? Best to be warned whether a new roof is being installed or some other significant cost is anticipated that will be shared between the tenants and will dramatically impact the level of the maintenance charges or result in a one off invoice.