In what way does my ID and proof of funds have anything to do with my conveyancing in Bangor? What am I being asked for?
In order to comply with Money Laundering Regulations any Bangor conveyancing firm will require proof of identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility account evidencing your correct address.
Under Money Laundering Regulations, property lawyers are obliged by law to ascertain not just the ID of conveyancing clients but also the source of monies that they receive in respect of any matter. Refusal to disclose this will result in your lawyer ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to make a disclosure to the relevant authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
I have 70 years left on my lease and require a lease extension for my apartment in Bangor. Conveyancing solicitors on the Virgin panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining 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 3/7/2025 the requirements read as follows :
I'm buying my first flat in Bangor benefiting from help to buy. The builders would not budge the price so I negotiated five thousand pounds worth of extras instead. The sale representative advised me not reveal to my conveyancer about the deal as it may affect my loan with the lender. Should I keep quiet?.
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 looking for a conveyancing lawyer in Bangor for my house move. Can I review a solicitor's record with the profession’s regulator?
One may find documented Solicitor Regulator Association (SRA) decisions stemming from investigations from 2008 onwards. Visit Check a solicitor's record. For records Pre 2008, or to check a firm's history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The SRA could monitor call for training requirements.
I am tempted by the attractive purchase price for a two apartments in Bangor both have in the region of fifty years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Bangor. The lease is a right to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease reduces and it becomes more expensive to extend the lease. This is why it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this field.
Leasehold Conveyancing in Bangor - Examples of Queries before Purchasing
-
Be sure to enquire if there are any onerous prohibitions in the lease. For example plenty of leases prohibit pets being permitted in certain buildings in Bangor. If you like the flatin Bangor however your dog is not allowed to make the move with you then you have a very difficult decision. It would be wise to discover as much as you can regarding the managing agents as they will either make your living at the property much simpler or much more difficult. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to day to day issues like the upkeep of the communal areas. Enquire of other tenants what they think of their service. Finally, find out the dates that the maintenance charges are due to the appropriate party and specifically how they are spending that money.
Why is New Build conveyancing in Bangor more costly?
Conveyancing in Bangor for recently converted or new build homes usually involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as supplemental queries and contractual concerns.