What does my ID and proof of funds have anything to do with my conveyancing in Caernarfon? What am I being asked for?
Caernarfon conveyancing solicitors and indeed property lawyers accross the UK have a duty under money laundering regulations to verify the identity of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and evidence of address (usually a Bank Statement less than 3 months old).
Confirmation of the origin of funds is also required in accordance with the money laundering regulations as lawyers are mandated to ensure that the monies you are using to buy a property (be it the exchange deposit or the total purchase price where you are a cash purchaser) has originated from a reputable source (such as employment savings) as opposed to the fruits of illegitimate activity.
We had selected conveyancers based in Caernarfon on the UBS solicitor panel. They are now charging me a further amount for dealing with the UBS mortgage. Is this a supplemental conveyancing fee set by UBS?
Unfortunately, so long as it is in their Terms and Conditions or Quote then yes your lawyer is entitled to levy a fee for this. This fee is not set by UBS but by your Caernarfon lawyer. Plenty of firms on the UBS panel will levy an ‘acting for lender’ fee and others do not.
I have decided to exercise my right to buy my property in Caernarfon off the council. I have a mortgage agreed with Coventry BS. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Coventry BS, you will need to appoint a solicitor on the Coventry BS conveyancing panel.
After much negotiation I have agreed a price on an apartment in Caernarfon. My mortgage broker pressured me to appoint their lawyer. I paid an on account payment of £225. A few days later, the solicitor called me sheepishly admitting that they were not on the Santander 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 Santander 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.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Caernarfon?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Caernarfon. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm buying a new build house in Caernarfon with a loan from Norwich and Peterborough Building Society. The developers would not move on the amount so I negotiated 6k of fixtures and fittings instead. The estate agent advised me not disclose to my lawyer about the extras as it may jeopardize my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the advice of my in-laws I had a survey completed on a property in Caernarfon before instructing lawyers. I have been informed that there is a flying freehold overhang to the property. My surveyor advised that some lenders may not give a mortgage on such a property.
It depends who your proposed lender is. Lloyds has different instructions from Halifax. If you contact us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Caernarfon. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Caernarfon to see if the conveyancing costs will increase in light of this.
I have just started marketing my garden flat in Caernarfon. Conveyancing is yet to be initiated, but I have just had a yearly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the maintenance contribution as usual because all rents and maintenance charges should be apportioned on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I invested in buying a leasehold flat in Caernarfon, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Caernarfon with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease ceases on 21st October 2079
With just 54 years remaining on your lease the likely cost is going to be between £31,400 and £36,200 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.