In what way does my ID and proof of funds have anything to do with my conveyancing in Llansamlet? Is this really necessary?
It is indeed that case that the requirement set out by your lawyer has nothing to do with conveyancing in Llansamlet. However these days you will not be able to proceed with any conveyancing process if you have not supplying proof of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a utility bill. Remember if you are supplying your driving licence as evidence of ID it must be both the paper section as well as the photo card part, one is not satisfactory in the absence of the other.
Verification of your origin of funds is mandated under Money Laundering Regulations. Don’t be offended when you are asked to produce this as your lawyer must have this information on record. Your Llansamlet conveyancing practitioner will require evidence of proof of funds before they are able to accept any money from you into their client account and they should also ask additional questions concerning the origin of funds.
We're in Llansamlet, First time buyers buying with a mortgage (lender is UBS , and our lawyer is on the UBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the UBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My wife and I are buying a flat in Llansamlet. I might seem paranoid but how we can trust a solicitor? At some point we have to put money into their account. What protection do we have from them run away with our monies?
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.
Can you help - my lawyer says that missing deeds insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Llansamlet?
The right level of missing deeds indemnity insurance depends on your lender. It would differ for example between HSBC Bank and Chelsea Building Society. Conveyancing solicitors as opposed to borrowers take out such policies.
My wife and I have arranged a further advance on our home loan from Aldermore as we wish to carry out improvements to our home in Llansamlet. Are we obliged to appoint a nearby Llansamlet solicitor on the Aldermore conveyancing panel to deal with the paperwork?
Aldermore do not ordinarily require a member of their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Aldermore conveyancing panel.
I'm purchasing a new build house in Llansamlet with a mortgage from Virgin Money. The sellers refused to reduce the amount so I negotiated 6k of extras instead. The sale representative advised me not inform my lawyer about the side-deal as it would impact my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am employed by a busy estate agency in Llansamlet where we have experienced a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Llansamlet conveyancing firms. Please can you shed some light as to whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I invested in buying a 2 bed flat in Llansamlet, conveyancing was carried out 10 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Llansamlet with over 90 years remaining are worth £260,000. The average or mid-range amount of ground rent is £45 yearly. The lease finishes on 21st October 2098
With just 74 years remaining on your lease we estimate the price of your lease extension to range between £8,600 and £9,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
Are the Llansamlet conveyancing lawyers identified as being on the mortgage company conveyancing panel, together with their details provided by the lender?
Llansamlet law firm practices and firms conducting conveyancing in Llansamlet themselves provide us confirmation that they are on the mortgage company conveyancing panel as opposed to being supplied with a list from the lender directly.