Have just purchased a probate house at auction in Y Felinheli. Conveyancing is needed. What happens now?
Having legally committed yourself to purchase you now have to retain a conveyancing solicitor as a matter of priority as you now have a pending a drop dead date to complete the property. An auction property should have a bespoke legal pack. This will likely include most,if not all of the paperwork that your solicitor will need. In the case of leasehold property the legal pack may include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation pertinent to leasehold premises. You should pass this on to your appointed conveyancing solicitor ASAP. You also need to ensure that that you have the requisite funding organised to complete on the date specified in the contract.
Forgive me if this question is silly but I am wet behind the ears as a first time buyer of a ground floor flat in Y Felinheli. Do I pick up the keys to the premises on completion from my solicitor? If this is the case, I will find a local conveyancing solicitor in Y Felinheli?
On the day of completion you do not need to go to the conveyancers office in Y Felinheli. Conveyancing lawyers for you will arrange to send the completion advance to the owner’s solicitors, and once they have received this, you will be able to collect the keys from the property Agents and start moving into the property. This tends to happen early afternoon.
I currently have a mortgage with Principality for my property in Y Felinheli. Conveyancing has been completed 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Principality?
Your original mortgage agreement with Principality will provide that you need their approval before renting your property as this is likely to be a breach of Principality’s mortgage conditions. It may be that Principality will permit you to let 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 Principality directly. You need not do this via a Principality conveyancing panel lawyer.
My wife and I are downsizing from our property in Y Felinheli and according to the buyers it appears that there is a risk of it being constructed on contaminated land. A local lawyer would know this is not the case. For the life of me I don't know why the buyers instructed a web based conveyancing practice as opposed to a conveyancing solicitor in Y Felinheli. We have lived in Y Felinheli for many years we know of no issue. Is it a good idea to contact our local Authority to get confirmation need.
It sounds as though you may have a conveyancing firm currently acting for you. Are they able to advise? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
How does conveyancing in Y Felinheli differ for new build properties?
Most buyers of new build premises in Y Felinheli come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Y Felinheli usually acquire the land, 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 Y Felinheli or who has acted in the same development.
I opted to have a survey done on a property in Y Felinheli in advance of instructing lawyers. I have been told that there is a flying freehold aspect to the house. My surveyor advised that some mortgage companies will not give a loan on such a premises.
It varies from the lender to lender. HSBC has different instructions from Birmingham Midshires. Should you wish to telephone us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Y Felinheli. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Y Felinheli to see if the conveyancing will be more expensive.
Why is it not possible to complete our conveyancing in Y Felinheli on a bank holiday?
This is due to the fact that on completion the sale price needs to be transferred electronically between the banks of the purchaser and seller's conveyancing practitioner and at present this can only take place on a working day. It is not possible to complete on a weekend either.