My husband and I changing mortgage lender for our maisonette in Conwy with Kent Reliance. We have a son 18 who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the flat is repossessed. I have two questions (1) Is this form unique to the Kent Reliance conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Kent Reliance. This is solely used to protect Kent Reliance if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Kent Reliance had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
In what way does my ID and proof of funds have anything to do with my conveyancing in Conwy? Is this really necessary?
Conwy conveyancing solicitors and indeed property practitioners accross the UK have an obligation under Anti-terror and anti-money-laundering rules to verify 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 ID; proof of ID (usually a Passport or Driving Licence) and proof of address (usually a Bank Statement no more than three months).
Proof of source of monies is also necessary in accordance with the money laundering laws as solicitors have a duty to investigate that the monies you are utilising to buy a property (be it the exchange deposit or the full purchase price if you are buying mortgage free) has originated from an acceptable source (such as employment savings) and is not the proceeds of criminal activity.
I note that there are debates on Chancel Insurance on online forums. Am I compelled to have this when purchasing a residence in Conwy? or I am told that there is an ancient law that could mean that homeowners residing in a parish church boundary will be compelled to pay for repairs to the chancel within the church. Is this relevant for conveyancing in Conwy?
Unless a prior acquisition of the premises took place post 12 October 2013 you can take it that lawyers carrying out conveyancing in Conwy to remain recommending a chancel search and or chancel repair liability insurance.
How does conveyancing in Conwy differ for newly converted properties?
Most buyers of new build premises in Conwy contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Conwy tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Conwy or who has acted in the same development.
I've found a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Conwy. Conveyancing advisers have not yet been appointed. Will they explain the issues?
The majority of houses in Conwy are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Conwy so you should seriously consider looking for a Conwy conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your solicitor will appraise you on the various issues.
I bought a 1st floor flat in Conwy, conveyancing was carried out 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Conwy with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease comes to an end on 21st October 2077
With only 52 years left to run the likely cost is going to span between £29,500 and £34,000 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
Is it true that a Conwy conveyancing firm has court proceedings brought against them by clients for failing to conduct the appropriate conveyancing investigations?
Our attention has not be brought to such a Conwy conveyancing matter but it has been reported that, a couple purchasing a house in Cumbria successfully won a case against their solicitor due to development permission to erect a wind farm not being identified in conveyancing searches.
Where you are contemplating buying a home in Conwy It is critical that your property lawyer conduct all Conwy conveyancing searches necessary to ensure you have relevant and up to date information before buying a home in Conwy.