I have 7378 less than 75 years remaining on my lease and need a lease extension for my apartment in Colwyn Bay. Conveyancing solicitors on the Virgin panel can deal with such extensions correct?

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 21/12/2024 the requirements read as follows :

This question may be naive but I am new to the house moving as a 1st time purchaser of a garden flat in Colwyn Bay. Do I receive the keys to the house on completion from my lawyer? If so, I will use a High Street conveyancing solicitor in Colwyn Bay?

There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the purchase money to the vendor’s solicitors, and once they have received this, you should be able to pick up the keys from the property Agents and start moving into the property. This tends to happen early afternoon.

Last month we had a mortgage agreed in principle with Yorkshire BS. Colwyn Bay conveyancing practitioners are chosen. How long does it take for Yorkshire BS to issue the offer to the solicitor?

Some lenders take longer than others. Have Yorkshire BS completed the valuation? Have you advised Yorkshire BS as to your lawyers' details and checked that your lawyers are on the Yorkshire BS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.

Virgin Money have agreed my home loan in principle, my bid on a apartment in Colwyn Bay has been accepted, what are the next steps?

Your property agent will wish to be informed of your property lawyer's details (ensure that the conveyancing practitioners are on the bank’s approved list). Contact Virgin Money or the financial adviser and complete any relevant documentation. Virgin Money will instruct a valuer who will get in touch with the estate agent or vendor to schedule an appointment. Once carried out (assuming no problems) it takes about ten days to receive the mortgage offer. Virgin Money will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Colwyn Bay.

We're novice buyers - agreed a price, but the estate agent informed us that the vendor will only go ahead if we instruct the agent's recommended conveyancers as they are insisting on a ‘quick sale’. Our preferred option is to instruct a local solicitor with experience of conveyancing in Colwyn Bay

It is highly unlikely the owners are behind this. Should the owner require ‘a quick sale', alienating a motivated purchaser is going to damage their objectives. Avoid the agents and go straight to the owners and explain that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you do not need to sell (d) you wish to move quickly (e)however you intend to use your preferred Colwyn Bay conveyancing solicitors - rather thanthose that will earn their negotiator at the agency a commission or achieve conveyancing targets set by head office.

I've recently bought a leasehold flat in Colwyn Bay. Do I have any liability for service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I am the registered owner of a 1 bedroom flat in Colwyn Bay, conveyancing formalities finalised May 2007. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Colwyn Bay with an extended lease are worth £211,000. The ground rent is £45 levied per year. The lease terminates on 21st October 2091

With 67 years remaining on your lease we estimate the price of your lease extension to be between £10,500 and £12,000 as well as professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.

Your search tool is useful but there are many lawyers listed near Colwyn Bay being on the lender conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the mortgage company approved panel?

We do not recommend specific Colwyn Bay firms as the right Colwyn Bay conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Colwyn Bay knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..