Am I correct in assuming that the fact that my conveyancer in Cardiff Bay is not listed on my bank's solicitor panel that there is a problem with the standard of her work?
It would not be wise to jump to that conclusion. There are plenty of plausible explanations. A recent report by the solicitors regulator revealed 76% 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 lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should contact the Cardiff Bay conveyancing practice and enquire why they are no longer on the approved list for your lender.
What does my ID and proof of funds have anything to do with my conveyancing in Cardiff Bay? What am I being asked for?
Cardiff Bay conveyancing solicitors as well as nationwide property practitioners throughout the UK have a duty under Anti-terror and anti-money-laundering rules to verify the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement no more than three months).
Proof of source of funds is also required under the money laundering regulations as solicitors have a duty to investigate that the money you are utilising to purchase a property (be it the exchange deposit or the full purchase price if you are buying without a mortgage) has originated from an acceptable source (such as employment savings) as opposed to the proceeds of criminal activity.
My stepmother informed me that in purchasing a property in Cardiff Bay there could be a number of restrictions limiting what one can do in terms of external alterations to a property. Is this right?
There are a number of properties in Cardiff Bay which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Cardiff Bay should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Is it correct that all Cardiff Bay CQS (Conveyancing Quality Scheme) solicitors are on the Barclays conveyancing list of approved firms?
A selection of lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their panels.
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Cardiff Bay bank branch on numerous occasions and was informed it wasn't a problem and they will lend. My Cardiff Bay conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend in accordance with their specific requirements. I have no idea who is right.
Your property lawyer has to follow the Council of Mortgage Lenders’ Handbook section two conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Despite weeks of looking the Title Certificate and documents to our property are lost. The lawyers who did the conveyancing in Cardiff Bay 5 years ago have long since closed. What are my next steps?
Nowadays there are duplicates made of almost everything, and your solicitor will be aware precisely where to look for all the appropriate documentation so you may buy or sell your house without a hitch. If duplicates are not available, your lawyer may be able to put in place insurance or indemnities against future claims on your premises.
The estate agent has sent us the confirmation of our purchase of a new build flat in Cardiff Bay. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Cardiff Bay
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what should have been a quick, no chain conveyancing. Cardiff Bay is the location of the property. Can you offer any advice?
Flying freeholds in Cardiff Bay are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Cardiff Bay you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cardiff Bay may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.