What does my ID and proof of funds have anything to do with my conveyancing in Monmouth? What am I being asked for?
Monmouth 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 in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and evidence of address (typically a Utility Bill no more than three months).
Evidence of the origin of monies is also required in compliance with the money laundering regulations as solicitors are duty bound to ensure that the money you are using to buy a property (be it the exchange deposit or the total purchase monies where you are a cash purchaser) has come from legitimate source (such as an inheritance) and is not the fruits of criminal behaviour.
I am buying a semi-detached house in Monmouth. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Monmouth you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Monmouth.
three months have elapsed since my purchase conveyancing in Monmouth took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Do I need to be suspicious that third parties that I am dealing with are recommending a nationwide conveyancing firm rather than a local Monmouth conveyancing firm?
As is the case with lots of service providers, often suggestions from relatives can be worth their weight in gold. Nevertheless there are numerous players in a conveyancing deal; estate agents, mortgage brokers and mortgage companies might all recommend lawyers to choose. On occasion these conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there behind the scenes commercial relationship behind the recommendation. You are free to appoint your own conveyancer. However, bear in mind that the majority of lenders have an approved list of solicitors you must use for the mortgage aspect of your house move.
I only have 62 years remaining on my lease in Monmouth. I now wish to extend my lease but my freeholder is missing. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to prove that you have done all that could be expected to locate the lessor. In some cases an enquiry agent should be helpful to conduct investigations and prepare a report which can be used as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court covering Monmouth.
Monmouth Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
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Who manages the block? Where a Monmouth lease has less than eighty years it will affect the value of the property. Check with your mortgage company that they are willing to go ahead with the loan given the lease term. A short lease means that you will probably require a lease extension at some point and you need to have some idea of what this will be. Remember, in most cases you would need to own the residence for 24 months in order to be legally able to extend the lease. Does this lease have more than 90 years remaining?
We are in the process of buying a property in Monmouth. Could the property lawyer have the amount we are are buying for a secret from sites such as Rightmove. How could this be achieved ?
The Land Registry are legally obliged to specify price sold data on a register of the title for residential properties countrywide which includes premises in Monmouth. The register of ownership is an open document, so HM Land Registry would be breaching their statutory duty excluded certain properties such as the property in Monmouth.
In essence you can make a request of HMLR to withhold the price paid entry however the answer will be in the negative.