Is the fact that my solicitor in Deganwy is not on my mortgage company's conveyancing panel that there is a problem with the standard of her work?

It would be unwise to jump to that conclusion. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Deganwy conveyancing practice and ask them why they are no longer on the approved list for your bank.

All was ready to move into my new home in Deganwy next Friday. My conveyancer now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the bank. What does the insurance need to cover?

Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 conditions. These obligations are not specific to conveyancing in Deganwy.

4 months have elapsed following my purchase conveyancing in Deganwy concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

About to purchase a new build apartment in Deganwy. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.

Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Deganwy

Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Forfeiture - bankruptcy or liquidation must not apply under this provision.

I am looking at a two flats in Deganwy both have in the region of fifty years left on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Deganwy. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the value of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena.

Leasehold Conveyancing in Deganwy - Examples of Questions you should consider before Purchasing

You should be aware if it is less than 80 years it will have adverse implications on the value of the flat. It is worth checking with your lender that they are content with residual term of the lease. A short lease means that you will most likely have to extend the lease sooner rather than later and it is worth discovering how much this will be. Remember, in most cases you will be be obliged to have owned the residence for two years in order to be legally able to exercise a lease extension. Its a good idea to find out as much as you can about the company managing the building as they can either make your living at the property much easier or uncomfortable. As the owner of a leasehold property you are frequently in the clutches of the managing agents both financially and when it comes to every day issues such as the tidiness of the common parts. Ask other tenants whether they are happy with them. In conclusion, investigate as to the dates that you are obliged pay the service charge to the managing agents and specifically how they are spending the funds. How is the lease structured?