What does my ID and proof of funds have anything to do with my conveyancing in Aberbargoed? What am I being asked for?
It is indeed that case that the requirement set out by your lawyer has nothing to do with conveyancing in Aberbargoed. However these days you will not be able to complete any conveyancing deal without first handing over evidence 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 providing your driving licence as evidence of identification it needs to be both the paper part as well as the photo card part, one is not satisfactory in the absence of the other.
Verification of the source of money is mandated in accordance with the Money Laundering Regulations. Please do not be offended when when this is requested of you as your conveyancing solicitor must have this information on record. Your Aberbargoed conveyancing lawyer will need to see evidence of proof of funds prior to accepting any funds from you into their client account and they should also ask additional queries concerning the source of monies.
we are a couple who are purchasing a purpose built flat in Aberbargoed with a residential mortgage from National Westminster Bank.We use our Aberbargoed conveyancing lawyer but National Westminster Bank says her practice is not listed on their approved list of member firms. We have to appoint a National Westminster Bank panel firm or retain our local solicitor and pay for a National Westminster Bank panel lawyer to act for them. This seems very unfair; Can we not simply insist that National Westminster Bank use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, a common one being that solicitors needs to be on the National Westminster Bank approved list. in the past, most lenders had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for National Westminster Bank
I have been told that property searches are the number one cause of stalling in Aberbargoed conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays in the conveyancing process. Searches are not likely to feature in any holding up conveyancing in Aberbargoed.
I'm buying a new build house in Aberbargoed benefiting from help to buy. The sellers refused to budge the price so I negotiated 6k of fixtures and fittings instead. The house builders rep told me not inform my solicitor about the deal as it may impact my mortgage with the lender. Is this normal?.
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 decided to have a survey done on a property in Aberbargoed in advance of appointing lawyers. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some banks will refuse to grant a loan on such a property.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. If you call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Aberbargoed. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Aberbargoed to see if the conveyancing will be more expensive.
I work for a reputable estate agency in Aberbargoed where we have witnessed a few flat sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Aberbargoed conveyancing firms. Please can you confirm whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease 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 need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
Aberbargoed Conveyancing for Leasehold Flats - Sample of Queries before buying
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Are there any major works in the planning that will likely add a premium to the service charges? Who manages the building? How is the lease structured?