My lawyer has uncovered a defect with the lease for the flat we are buying in Aberystwyth. The other side have put forward defective title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancing practitioner says that he must check that the bank is happy with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
What does my ID and proof of funds have anything to do with my conveyancing in Aberystwyth? What am I being asked for?
Aberystwyth conveyancing solicitors as well as nationwide property lawyers throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to check the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement no older than three months).
Proof of the origin of monies is also necessary in compliance with the money laundering regulations as conveyancers are required to investigate that the monies you are utilising to acquire a property (whether it be the deposit for exchange or the full purchase price where you are a cash purchaser) has originated from an acceptable source (such as an inheritance) and is not the proceeds of illegitimate activity.
My wife and I purchased a 4 bedroom Georgian house in Aberystwyth. Conveyancing practitioner represented me and Godiva Mortgages Ltd. I did a free Land Registry search last week and there are two entries: one for freehold, another for leasehold under the exact same address. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Aberystwyth and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the situation with the conveyancing practitioner who carried out the work.
I am buying my first flat in Aberystwyth with the aid of help to buy. The developers refused to move on the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not inform my lawyer about this deal as it would adversely affect my mortgage with Platform Home Loans Ltd. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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 hoping to put an offer on a small detached house that appears to meet my requirements, at a great figure which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Aberystwyth. Conveyancing advisers have not yet been appointed. Will they explain the issues?
Most houses in Aberystwyth are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Aberystwyth so you should seriously consider shopping around for a Aberystwyth conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer should report to you on the legal implications.
I own a garden flat in Aberystwyth, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Aberystwyth with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 yearly. The lease runs out on 21st October 2100
With only 76 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
We have been advised by many family members that it can take up to two months for Aberystwyth conveyancing to complete.This was four weeks ago. The paperwork was only received to my conveyancing practitioner a couple of days ago so does the clock start running now?
Six to eight weeks is a very rough timescale. Addressing exactly how long Aberystwyth conveyancing will take is an impossible task. Every property has it’s specific set of issues. Accordingly your conveyancing practitioner should find it difficult to give representations as to the length of time it will take to complete your conveyancing in Aberystwyth.