In what way does my ID and proof of funds have anything to do with my conveyancing in Bassaleg? Why is this being asked of me?
It is indeed that case that these requests have nothing to do with conveyancing in Bassaleg. However these days you will not be able to proceed with any conveyancing transaction without first supplying evidence of your identity. This usually takes the form of a either your passport or driving licence as well as a council tax bill. Remember if you are providing your driving licence as proof of ID it must be both the paper element as well as the photo card part, one is not satisfactory in the absence of the other.
Proof of your source of monies is mandated under Money Laundering Regulations. Don’t be offended when you are asked to produce this as your conveyancer will need to have this information on file. Your Bassaleg conveyancing practitioner will need to see evidence of proof of funds prior to accepting any monies from you into their client account and they may also ask additional questions concerning the origin of funds.
we are a couple who are buying a newbuild apartment in Bassaleg with a mortgage from The Mortgage Works.We like our Bassaleg conveyancing solicitor but The Mortgage Works advised that his firm is not on their approved list of member firms. It seems we have no choice but to instruct a The Mortgage Works panel firm or keep our preferred solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; Can we not simply insist that The Mortgage Works use our lawyer?
Unfortunately,no. The loan issued to you contains terms and conditions, a common one being that lawyers must be on the The Mortgage Works approved list. Until recently, most lenders had large numbers of law firms 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. A further alternative is for your solicitors to apply to be on the conveyancing panel for The Mortgage Works
What is the difference between a licensed conveyancer and conveyancing solicitor in Bassaleg
Two types of professional can conduct conveyancing in Bassaleg namely licenced conveyancers or solicitors. Both professionals provide the legal services that required to complete the sale or purchase of property. They are both obliged to execute Bassaleg conveyancing to the same standards and guidelines so you can be safe in the knowledge that your conveyancing will be professionally conducted and that all requisite procedures will be appropriately attended to.
I recently had an offer agreed on a house in Bassaleg. My financial adviser suggested a property lawyer. I paid an advanced payment of £225. Soon after, the conveyancer contacted me to say that they were not on the Kent Reliance conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Kent Reliance panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I was told three weeks ago that my mortgage has been agreed to by UBS. Is it usual for UBS to only issue the offer once my solicitor in Bassaleg is approved on their conveyancing panel? UBS have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for UBS to deal with your lawyer's application to be on the UBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
How does conveyancing in Bassaleg differ for new build properties?
Most buyers of new build premises in Bassaleg come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is finished. This is because developers in Bassaleg tend to buy the site, 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 conveyancers 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 used to new build conveyancing in Bassaleg or who has acted in the same development.
What are your top tips when it comes to finding a Bassaleg conveyancing firm to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Bassaleg conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Bassaleg conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
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If they are not ALEP accredited then what is the reason? What volume of lease extensions have they completed in Bassaleg in the last twenty four months?
I own a leasehold flat in Bassaleg, conveyancing was carried out in 1996. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Bassaleg with over 90 years remaining are worth £181,000. The ground rent is £55 levied per year. The lease finishes on 21st October 2076
With just 51 years remaining on your lease we estimate the price of your lease extension to range between £30,400 and £35,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
Our conveyancer in Bassaleg has identified a a problem with the lease for the property we are buying in Bassaleg. The other side have offered title insurance as a solution. We are content with insurance and will pay for it. Our lawyer has advised that as he is on the lender conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.