I am purchasing a newly constructed duplex in Caerphilly and my conveyancer is informing me that she has to the lender to disclose incentives from the developer. I am under pressure to exchange contracts and my preference is not to prolong deal. 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 mortgage company panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
In what way does my ID and proof of funds have anything to do with my conveyancing in Caerphilly? Is this really necessary?
To satisfy the Money Laundering Regulations any Caerphilly conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility bill evidencing where you reside.
Under Money Laundering Regulations, conveyancing solicitors are obliged by law to ascertain not simply the identity of conveyancing clients but also the origin of fund that they receive in respect of any matter. Refusal to disclose this will lead to your conveyancer cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to inform the appropriate authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.
Will our conveyancer be raising enquiries regarding flooding as part of the conveyancing in Caerphilly.
The risk of flooding is if increasing concern for solicitors dealing with homes in Caerphilly. Plenty of people will acquire a house in Caerphilly, fully expectant that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to give advice on flood risk, however there are a numerous checks that can be carried out by the purchaser or by their conveyancers which can figure out the risks in Caerphilly. The standard completed inquiry forms sent to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a usual question of the owner to discover if the property has suffered from flooding. If flooding has previously occurred and is not disclosed by the owner, then a buyer may bring a compensation claim resulting from an incorrect answer. A buyer’s lawyers will also order an enviro report. This will higlight if there is any known flood risk. If so, further investigations will need to be initiated.
Due to the guidance of my in-laws I had a survey completed on a property in Caerphilly before appointing lawyers. I have been told that there is a flying freehold element to the house. Our surveyor advised that some lenders will not grant a mortgage on this type of property.
It depends who your proposed lender is. HSBC has different requirements from Halifax. Should you wish to telephone us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Caerphilly. Conveyancing will be smoother if you use a solicitor in Caerphilly especially if they are accustomed to such properties in Caerphilly.
I am on look out for some leasehold conveyancing in Caerphilly. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Caerphilly - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Caerphilly Conveyancing for Leasehold Flats - A selection of Questions you should ask before Purchasing
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Please note that where the lease has fewer than eighty years it will affect the marketability of the flat. It is worth checking with your lender that they are willing to go ahead with the loan given the lease term. A short lease means that you will most likely need a lease extension at some point and you need to have some idea of what this would cost. For most Caerphillylease extensions you would be required to have owned the premises for two years in order to be entitled to carry out a lease extension. What prohibitions are contained in the Caerphilly Lease? Is there a share of the freehold?
Been looking for a conveyancing practitioner for leasehold sale conveyancing in Caerphilly. I'm selling, simple no mortgage to discharge, no hurry, currently vacant. Had a quote from a property lawyer for a thousand pounds excluding VAT which is a little steep considering its so straightforward. Can I pay less for conveyancing in Caerphilly?
Considering it’s a sale only, £450 + VAT is likely to be about the lowest for a Caerphilly solicitor firm.