Am I correct in assuming that the fact that my conveyancer in Grangetown is not on my bank's conveyancing panel that there is a problem with the standard of his conveyancing?
It would be unwise 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 top 5 reasons are as follows: (1) low volume 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. Should you be concerned you should contact the Grangetown conveyancing firm and ask them why they are no longer on the approved list for your bank.
In what way does my ID and proof of funds have anything to do with my conveyancing in Grangetown? Is this really necessary?
Grangetown conveyancing solicitors and indeed property lawyers accross the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and proof of address (usually a Bank Statement less than 3 months old).
Confirmation of the origin of funds is also required in compliance with the money laundering laws as lawyers have a duty to investigate that the funds you are using to acquire a property (whether it be the deposit for exchange or the full purchase amount if you are a cash purchaser) has come from legitimate source (such as an inheritance) as opposed to the fruits of illegitimate behaviour.
Me and my partner are buying a property in Grangetown. It might be a silly question but how we can trust a solicitor? On the day of competition we will need to deposit money into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am helping my sister sell her flat in Grangetown. Will the conveyancer order an EPC or it is for me to coordinate?
Following the demise of Home Information Packs, energy performance certificates was left as a required element of moving house. An EPC should be to hand prior to the property being advertised. It is not a task that solicitors ordinarily arrange. Where you are using a Grangetown conveyancing practitioner they might be able to arrange EPC’s due to their relationships with long established Grangetown energy assessors
We previously selected solicitors based in Grangetown on the Leeds Building Society solicitor approved list. They are now charging me an additional fee for the legal aspects of the Leeds Building Society mortgage. Is this an additional conveyancing fee set by Leeds Building Society?
Unfortunately, so long as it is in their Terms and Conditions or estimate then yes your conveyancing practitioner is entitled to charge a fee for this. The fee is not dictated by Leeds Building Society but by your Grangetown conveyancer. Some firms on the Leeds Building Society panel will levy an ‘acting for lender’ fee and others do not.
About to purchase a new build flat in Grangetown. Conveyancing is necessary evil 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.
Here is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Grangetown
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply a car parking plan. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Forfeiture - bankruptcy or liquidation must not apply under this provision. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
Due to the encouragement of my in-laws I had a survey completed on a property in Grangetown ahead of retaining solicitors. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some lenders will not give a mortgage on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Grangetown. Conveyancing may be slightly more expensive based on your lender's requirements.
We are midway through buying a house in Grangetown. Conveyancing solicitor has told us the property is "Leasehold". Will this likely adversely affect the marketability of the property?
Grangetown conveyancing does not ordinarily involve leasehold houses. The main factor here is the length of lease and the ground rent. If it's 999 years with a peppercorn rent, it's virtually freehold, so it shouldn't impact the value too much.
On the flip side, if it's, say, Sixty years it will have a adverse effect on the value, and most likely wouldn't be acceptable to the mortgage company. The length of lease and ground rent will be stated in the lease to be supplied to your conveyancing practitioner.