I am in a contract race with another prospective purchaser for a property in Aberystwyth. What can I do to speed up matters?
First, If you are under time constraints for your conveyancing we would recommend that your conveyancer is familiar with the location as they will make use of local relationships and insight. It is even conceivable that they would have transacted previousproperties in the same neighbourhood. Therefore consider using a Aberystwyth conveyancing firm. In addition, double check that the lawyer is on the on the approved list for your mortgage company. It is said that just under twenty per cent of Aberystwyth conveyancing transactions are frustrated or jeopardised after discovering a purchaser’s solicitor was not on their banks list of approved solicitors. In many cases this discovery resulted in the legal transfer of property being held up by almost 21 days. It is understood that this issue affects approximately one hundred thousand home moves annually. Most Aberystwyth conveyancing firms can not act for certain banks so do check as early as possible.
In what way does my ID and proof of funds have anything to do with my conveyancing in Aberystwyth? Why is this being asked of me?
Aberystwyth conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under money laundering regulations to check the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).
Confirmation of the origin of monies is also necessary under the money laundering statutes as conveyancers are mandated to ensure that the money you are utilising to buy a property (whether it be the deposit for exchange or the total purchase price where you are buying mortgage free) has come from a reputable source (such as an inheritance) as opposed to the fruits of illegitimate activity.
My aunt passed away last year and as sole heir and executor I was left the house in Aberystwyth. The house had a relatively small loan remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to UBS, pay off the mortgage. Is this allowed?
Given you plan to refinance then UBS will insist on your using a conveyancer on the UBS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your UBS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the UBS mortgage is registered as a charge at the Land Registry.
I am downsizing from our house in Aberystwyth and according to the buyers it appears that there is a possibility that the property was constructed on contaminated land. A local conveyancer would know this is not the case. For the life of me I don't know why the purchasers instructed a national conveyancing practice as opposed to a conveyancing solicitor in Aberystwyth. Having lived in Aberystwyth for many years we know of no issue. Is it a good idea to contact our local Authority to get clarification that the buyers are looking for.
It would appear that you have a conveyancing lawyer already. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
How does conveyancing in Aberystwyth differ for new build properties?
Most buyers of new build premises in Aberystwyth approach us having been asked by the builder to sign contracts and commit to the purchase even before the residence is constructed. This is because developers in Aberystwyth typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Aberystwyth or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Aberystwyth ahead of instructing lawyers. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some lenders may not grant a mortgage on such a property.
It depends who your proposed lender is. Santander has different instructions from Nationwide. If you contact us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Aberystwyth. Conveyancing may be slightly more expensive based on your lender's requirements.