My husband and I are getting closer to an exchange on a flat in Cilcain and my parents have sent the ten percent deposit to my solicitor. I am now told that as the deposit has been sent from someone other than me my lawyer needs to disclose this to my mortgage company. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to be an issue?
Your property lawyer is obliged to check with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
What does my ID and proof of funds have anything to do with my conveyancing in Cilcain? Why is this being asked of me?
Cilcain conveyancing solicitors and indeed property lawyers accross the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and evidence of address (typically a Utility Bill no older than three months).
Proof of the origin of monies is also necessary in compliance with the money laundering laws as solicitors are obliged to check that the funds you are using to purchase a property (be it the exchange deposit or the full purchase monies if you are a cash purchaser) has come from an acceptable source (such as an inheritance) as opposed to the product of illegitimate behaviour.
I need some fast conveyancing in Cilcain as I am under pressure to complete inside 4 weeks. Fortunately I do not need a mortgage. Is it possible to decline from having conveyancing searches to save fees and time?
As you are not taking a home loan you are at free not to do searches although no solicitor would advise that you don't. With lots of history conveyancing in Cilcain the following are instances of what can crop up and adversely impact future mortgageability: Enforcement Notices, Overdue Fees, Overdue Grants, Road Schemes,...
My wife and I purchased a semi-detached Georgian house in Cilcain. Conveyancing lawyer acted for me and National Westminster Bank. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Cilcain and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with your conveyancing solicitor who conducted the conveyancing.
I'm purchasing a new build house in Cilcain with the aid of help to buy. The builders refused to budge the amount so I negotiated £7000 of additionals instead. The sale representative told me not disclose to my conveyancer about the side-deal as it would impact my mortgage with the lender. Is this normal?.
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.
What are the specific benefits to choosing a high street lawyer in Cilcain
Many purchasers and sellers in Cilcain select a local property lawyer so that they can attend the lawyer’s offices in the event that they have concerns, and to collect mortgage deeds without using the post.
There is a slight benefit when opting for a conveyancer nearby to the premises you are buying, due to the in-depth knowledge of the region and potential local concerns - yet this is moot. Many conveyancers are now online and could be practically anywhere.