Is the fact that my conveyancer in Bangor is not identified on my mortgage company's solicitor panel that there is a problem with the quality of her work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Bangor conveyancing firm and ask them why they are no longer on the approved list for your bank.
What does my ID and proof of funds have anything to do with my conveyancing in Bangor? Why is this being asked of me?
Bangor conveyancing solicitors as well as nationwide property practitioners throughout the UK have a duty under money laundering regulations to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and evidence of address (usually a Utility Bill less than 3 months old).
Confirmation of the origin of funds is also necessary under the money laundering laws as conveyancers have a duty to ensure that the money you are using to acquire a property (whether it be the deposit for exchange or the total purchase monies where you are buying mortgage free) has come from a reputable source (such as employment savings) rather than the product of illegitimate activity.
I bought my house on 4 July and the transaction details are still not on the land registry website. Need I be worried? My conveyancing solicitor in Bangor expressed confidence that it will be concluded in less than a month. Are transfers in Bangor uniquely lengthy to register?
There is nothing unique about conveyancing in Bangor registration formalities. Rather than based on location, timeframes can vary according to the party submitting the application, whether it is in order and if the Land registry communicate with any 3rd persons or bodies. Currently in the region of 80% of submission are completed in less than three weeks but some can be subject to protracted delays. Historically registration is effected once the buyer has moved in to the premises therefore an expedited registration is not always primary concern yet where it is urgent that the the registration takes place urgently then you or your conveyancer should contact the land registry and explain the circumstances.
I am buying a new build house in Bangor with a mortgage from Lloyds TSB Bank. The builders refused to move on the amount so I negotiated £7000 of extras instead. The property agent advised me not disclose to my lawyer about the deal as it could impact my loan with the bank. Do I keep my lawyer in the dark?.
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 have been on the look out for a flat up to £305k and found one close by in Bangor I like with open areas and transport links nearby, the downside is that it's only got 61 years on the lease. I can't really find anything else in Bangor suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan the shortness of the lease may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
When it comes to leasehold conveyancing in Bangor what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Bangor. All leases are drafted differently and drafting errors can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
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Insurance obligations Service charge per centages that don't add up correctly leaving a shortfall
You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, The Royal Bank of Scotland, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.
I own a split level flat in Bangor, conveyancing having been completed in 2003. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Bangor with an extended lease are worth £222,000. The ground rent is £50 invoiced annually. The lease finishes on 21st October 2095
With just 70 years remaining on your lease we estimate the price of your lease extension to be between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.