What does my ID and proof of funds have anything to do with my conveyancing in Tredegar? Is this really necessary?
You are right in these requests have nothing to do with conveyancing in Tredegar. Nowadays you can not complete any conveyancing transaction in the absence providing evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a bank statement. Remember if you are supplying your driving licence as proof of ID it must be both the paper part and photo card part, one is not acceptable without the other.
Evidence of the origin of monies is required under Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancing solicitor will need to retain this information on record. Your Tredegar conveyancing solicitor will require evidence of proof of funds prior to accepting any monies from you into their client account and they may also ask additional questions concerning the origin of monies.
My flat in Tredegar is up for sale and I have a purchaser. Does my lawyer have to be on the Yorkshire BS conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Yorkshire BS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently at the moment.
I have been told that property searches are a common cause of stalling in Tredegar conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays in the conveyancing process. Searches are unlikely to feature in any holding up conveyancing in Tredegar.
Despite weeks of looking the Title Certificate and documents to our property are lost. The solicitors who dealt with the conveyancing in Tredegar 4 years ago have long since closed. What do I do?
You no longer need to have the physical original deeds to establish that you are the registered proprietor of land or property, given that the Land Registry have everything they need in a digital format.
How does conveyancing in Tredegar differ for newly converted properties?
Most buyers of new build or newly converted property in Tredegar come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Tredegar typically acquire the site, 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 conveyancers 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 Tredegar or who has acted in the same development.
Do you have any top tips for leasehold conveyancing in Tredegar with the intention of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Tredegar can be avoided where you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ solicitors. The majority of freeholders or managing agents in Tredegar levy fees for providing management packs for a leasehold home. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Tredegar. You may think that you are aware of the number of years remaining on your lease but you should verify this via your conveyancers. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the lease term is under 80 years. It is therefore important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. A minority of Tredegar leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors. If you are supposed to have a share in the freehold, you should make sure that you have the original share document. Obtaining a new share certificate can be a time consuming process and slows down many a Tredegar conveyancing deal. Where a new share certificate is needed, do contact the company officers or managing agents (if applicable) for this sooner rather than later.
I own a ground floor flat in Tredegar, conveyancing formalities finalised August 2005. How much will my lease extension cost? Similar flats in Tredegar with a long lease are worth £191,000. The ground rent is £55 yearly. The lease comes to an end on 21st October 2078
With just 54 years left to run we estimate the price of your lease extension to be between £31,400 and £36,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.