In what way does my ID and proof of funds have anything to do with my conveyancing in Llanelli? Why is this being asked of me?
You are right in the requirement set out by your solicitor has nothing to do with conveyancing in Llanelli. Nowadays you will not be able to proceed with any conveyancing deal if you have not providing proof of your identity. Ordinarily this takes the form of a either your passport or driving licence and a utility bill. Please note that if you are providing your driving licence as evidence of identification it must be both the paper part and photo card part, one is not sufficient without the other.
Verification of your origin of monies is necessary under Money Laundering Regulations. Please do not be offended when when this is requested of you as your lawyer will need to have this information on record. Your Llanelli conveyancing lawyer will need to see evidence of proof of funds before they are able to accept any funds from you into their client account and they should also ask additional queries concerning the origin of monies.
Do I need to take out insurance to protect me from financial exposure to chancel repairs when purchasing a residence in Llanelli?
Unless a prior acquisition of the house completed after 12 October 2013 you may assume that lawyers conducting conveyancing in Llanelli to remain recommending a chancel search and or chancel repair liability insurance.
I used Wolstenholmes a few years ago for my conveyancing in Llanelli. Now, I need my files however cannot find the solicitor. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Llanelli of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
About to purchase a new build flat in Llanelli. 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 legal work.
Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Llanelli
Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please supply a car parking plan. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I am tempted by the attractive purchase price for a two apartments in Llanelli both have in the region of fifty years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Llanelli is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. For most purchasers and lenders, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Llanelli conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I invested in buying a 1st floor flat in Llanelli, conveyancing was carried out December 2012. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Llanelli with a long lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease runs out on 21st October 2096
With 75 years remaining on your lease we estimate the price of your lease extension to be between £8,600 and £9,800 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 cannot give you a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
Do I need to pop into the offices of the bank conveyancing panel solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Llanelli as it will be easier to pop in to their offices if necessary.
As opposed to 15 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Llanelli.