I am obtaining a offer of a home loan from Nat West. I hope to use a Licensed Conveyancer in Nefyn. Does the Nat West Conveyancing panel include Licensed Conveyancers?
The Nat West conveyancing panel is, like many other lenders, represented by the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
We are only a couple days away from an exchange on a property in Nefyn and my parents have sent the ten percent deposit to my conveyancing practitioner. I am now told that as the deposit has been received from someone other than me my solicitor needs to disclose this to my bank. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I advised the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The solicitor is obliged to check with the bank to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Nefyn? Why is this being asked of me?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to check the identity of the potential client they are dealing with prior to agreeing to accepting their conveyancing business. The Client Care letter that you are required to sign should stipulate this. Your lender will also require certain documents to be viewed. Should you are unwilling to hand over ID verification documents, your conveyancer will not be able to take you on as a client.
Should my conveyancer be asking questions regarding flooding as part of the conveyancing in Nefyn.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Nefyn. Some people will buy a house in Nefyn, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, but there are a number of checks that may be initiated by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Nefyn. The standard completed inquiry forms sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the seller to determine whether the property has ever been flooded. In the event that the residence has been flooded in past which is not notified by the seller, then a purchaser may bring a legal claim for losses stemming from an incorrect reply. The buyer’s solicitors may also carry out an environmental report. This will higlight whether there is a recorded flood risk. If so, more detailed investigations should be made.
I have been advised by three or four local selling agents in Nefyn to select a conveyancer on your site. Is there a financial upside for Estate Agents to promote your lawyers over and above another?
We refuse to offer any referral fee for pointing buyers and sellers our way. We found it would be just too difficult a fee as members of the public would think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
What makes a Nefyn lease problematic?
There is nothing unique about leasehold conveyancing in Nefyn. Most leases are drafted differently and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
-
Repairing obligations to or maintain parts of the premises A duty to insure the building
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Bank of Scotland, and Britannia all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.
I invested in buying a studio flat in Nefyn, conveyancing was carried out in 2004. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Nefyn with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease finishes on 21st October 2094
You have 69 years left to run the likely cost is going to range between £9,500 and £11,000 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.