My husband and I are buying a newly constructed flat in Rhymney and my conveyancer is advising me that she is duty bound to the lender to disclose incentives from the seller. I am nearing the developer’s deadline to sign contracts and my preference is not to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What does my ID and proof of funds have anything to do with my conveyancing in Rhymney? What am I being asked for?
In order to comply with Money Laundering Regulations any Rhymney conveyancing firm will require proof of identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill evidencing your correct address.
In accordance with Money Laundering Regulations, property lawyers are required to investigate not simply the identity of conveyancing clients but also the source of the money that they receive in respect of any matter. Refusal to disclose this may result in your lawyer ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to notify the relevant authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
Just bought a detached house in Rhymney , What is the estimated time for the Land Registry to record my ownership? My Rhymney conveyancing solicitor has been very slow, so I want to check the post completion formalities are addressed.
There is nothing unique when it comes to conveyancing in Rhymney registration formalities. As opposed to being determined by geographic area, timescales can adjust subject to who lodges the application, whether it is in order and whether the Land registry have to notify any third parties. As of today roughly three quarters of such applications are completed within two weeks but some can be subject to longer delays. Registration is effected once the new owner is living at the premises so post completion formalities is not typically primary concern yet where there is a degree of urgency associated with the registration then you or your lawyers can contact the land registry and explain the circumstances.
Due to the guidance of my in-laws I had a survey completed on a property in Rhymney prior to appointing solicitors. I have been advised that there is a flying freehold overhang to the house. Our surveyor advised that some lenders tend not issue a mortgage on this type of house.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. If you contact us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Rhymney. Conveyancing will be smoother if you use a solicitor in Rhymney especially if they are accustomed to such properties in Rhymney.
Should I be concerned by estate agents that I am dealing with are encouraging me to use a nationwide conveyancing firm rather than a High Street Rhymney conveyancing firm?
As with lots of professional services, often referrals from family and friends can be worth their weight in gold. Nevertheless there are many parties with a vested interest in a conveyancing deal; estate agents, mortgage brokers and banks might all recommend solicitors to retain. Sometimes these lawyers might be known to one of the organisations as experts in their field, but occasionally there may be a commercial relationship behind the recommendation. You have the discretion to select your own conveyancer. However, bear in mind that most mortgage providers have an approved list of law firms you are obliged to use for the mortgage related work in your conveyancing.
I am buying a leasehold property in Rhymney. Conveyancing quotes are averaging around £1700. Is that in the right ballpark?
The average cost last year for conveyancing in Rhymney was just under one thousand five hundred pounds not including SDLT and HM Land Registry charges.