My IFA says he needs my Narberth lawyer’ panel member for the Nat West conveyancing panel. How do I discover this. I have tried my local Narberth office but they have not got back to me yet.
The sensible thing to do is ask for this information from your Narberth conveyancer . They retain a central record lender panel numbers.
What does my ID and proof of funds have anything to do with my conveyancing in Narberth? Is this really necessary?
Narberth conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and evidence of address (typically a Bank Statement no older than three months).
Proof of source of monies is also necessary under the money laundering regulations as solicitors are obliged to ensure that the funds you are utilising to purchase a property (be it the exchange deposit or the full purchase monies where you are a cash purchaser) has come from a reputable source (such as employment savings) rather than the proceeds of criminal behaviour.
My husband and I are purchasing a purpose built apartment in Narberth with a homeloan from Alliance & Leicester .We have a Narberth conveyancing solicitor but Alliance & Leicester says she’s not on their "panel". It seems we are left with little choice but to instruct a Alliance & Leicester panel solicitor or keep our high street solicitor and pay for a Alliance & Leicester panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that Alliance & Leicester use our lawyer?
No, not really. The mortgage offered to you contains terms and conditions, one of which will be that conveyancers must be on the Alliance & Leicester approved list. Until recently, most mortgage companies had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Alliance & Leicester
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a straight forward, no chain conveyancing. Narberth is the location of the property. Can you offer any advice?
Flying freeholds in Narberth are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Narberth you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Narberth may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am thinking of appointing a conveyancing practitioner in Narberth for my remortgage. Is there any facility to see a solicitor's record with the profession’s regulator?
You can read documented Solicitor Regulator Association (SRA) decisions stemming from investigations started on or after Jan 2008. Visit Check a solicitor's record. To find information Pre 2008, or to check a solicitors history, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, dial +44 (0)121 329 6800. The regulator could monitor telephone calls for training reasons.
I am tempted by the attractive purchase price for a two maisonettes in Narberth which have approximately fifty years remaining on the leases. Will this present a problem?
A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area.
I purchased a garden flat in Narberth, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Narberth with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 yearly. The lease finishes on 21st October 2087
With only 61 years remaining on your lease we estimate the price of your lease extension to be between £18,100 and £20,800 as well as plus your own and the landlord's "reasonable" professional fees.
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 comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.