What does my ID and proof of funds have anything to do with my conveyancing in Machen? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Machen conveyancing firm will require proof of identity in all conveyancing matters. This is usually dealt with by provision of a passport and an original bank statement or utility account showing your correct address.
In accordance with Money Laundering Regulations, conveyancers are obliged by law to ascertain not only the ID of conveyancing clients but also the origin of fund that they receive in respect of any matter. An unwillingness to disclose this will lead to your lawyer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to notify the appropriate authorities should they believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
I happen to be the single recipient of my late father’s will and I have everything in my name now, including the house in Machen. The Machen property was put into my name in March. I want to move. I understand that there is a CML six month 'rule', which means that my property ownership could be regarded the same way as if I'd bought the property in March. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. How sensible a view lenders take of it, depend on the lender as this obligation primarily exists to identify subsales or the flipping of properties.
Is it the case that all Machen solicitor practices on the Nationwide conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Nationwide conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many banks do allow licenced conveyancers on their panel and in that case the practice would be regulated by the Council of Licensed Conveyancers.
I have today made my last payment due on my mortgage with Virgin Money. I assume I don't need a Machen lawyer on the Virgin Money panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Virgin Money mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Virgin Money mortgage from the register. Virgin Money, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
Will our lawyer be raising questions regarding flooding as part of the conveyancing in Machen.
Flooding is a growing risk for conveyancers dealing with homes in Machen. There are those who acquire a house in Machen, completely aware that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Solicitors are not qualified to impart advice on flood risk, but there are a various searches that may be carried out by the buyer or on a buyer’s behalf which should figure out the risks in Machen. The standard information supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the owner to determine whether the property has ever been flooded. In the event that the premises has been flooded in past which is not disclosed by the owner, then a buyer could commence a legal claim for losses as a result of such an incorrect reply. A buyer’s conveyancers will also carry out an enviro report. This will indicate if there is a recorded flood risk. If so, further investigations should be conducted.
I am looking for a leasehold apartment up to £305k and found one near me in Machen I like with open areas and station nearby, the downside is that it only has 51 remaining years left on the lease. There is not much else in Machen for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage that many years will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
Is it possible to transfer to a new firm as I have to retain a firm on the Yorkshire Building Society conveyancing panel. I instructed a high street conveyancing solicitor in Machen round the corner but he is not approved by Yorkshire Building Society
We will our best to assist in finding you a conveyancing solicitor in Machen on the Yorkshire Building Society panel. Please note that the solicitors that we work with do not pay us a referral fee if you instruct them and are registered with the Solicitors Regulation Authority who oversee all conveyancing solicitors in Machen. In making use of the find a conveyancing solicitor tool on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Machen.
I'm remortgaging a bungalow in Machen. I can find my conveyancer's company on the Law Society's list, but I can't find my conveyancer's name on the list. Should I be concerned?
Not every individual in the company must be listed by the regulator. As long there is a manager qualified to 'oversee' the transaction, the actual day-to-day activity can be conducted by unlicensed staff.