In what way does my ID and proof of funds have anything to do with my conveyancing in Colwyn Bay? Is this really warranted?
Colwyn Bay conveyancing solicitors as well as nationwide property practitioners accross the UK have a duty under money laundering regulations to check the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement no more than three months).
Evidence of source of funds is also required under the money laundering laws as lawyers are duty bound to investigate that the money you are utilising to purchase a property (whether it be the deposit for exchange or the total purchase amount if you are a cash purchaser) has originated from legitimate source (such as an inheritance) rather than the product of criminal activity.
I happen to be the sole recipient of my late grandmother’s will with all property in now in my sole name, including the my former home in Colwyn Bay. Conveyancing formalities meant that the Land Registry date was in August. I plan to dispose of the house. I understand that there is a CML six month 'rule', which means that my property ownership may be considered the same way as though I had purchased the property in August. Do I have to wait half a year to sell?
The CML handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be impacted by that. How sensible a view mortgage companies take of it, depend on the lender as this provision chiefly exists to capture subsales or the flipping of properties.
I had a mortgage agreed in principle with Santander. Colwyn Bay conveyancing lawyers have been appointed. What is the average time that one could expect to receive a mortgage offer from Santander?
There is no definitive answer here. Have Santander completed the survey? Have you informed Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am due to exchange contracts on my house. I had a double glazing fitted in April 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Kent Reliance are being difficult. The Colwyn Bay solicitor who is on the Kent Reliance conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Kent Reliance are requiring a building regulation certificate. Why do Kent Reliance have a conveyancing panel if they don't accept advice from them?
It is probably the case that Kent Reliance have referred the matter to their valuer. The reason why Kent Reliance may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I have been told that property searches are the primary reason for obstruction in Colwyn Bay conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any holding up conveyancing in Colwyn Bay.
About to purchase a new build apartment in Colwyn Bay. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Colwyn Bay
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a simple, no chain conveyancing. Colwyn Bay is the location of the property. Is there any advice you can give?
Flying freeholds in Colwyn Bay are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Colwyn Bay you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Colwyn Bay may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Can you provide any top tips for leasehold conveyancing in Colwyn Bay from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Colwyn Bay can be reduced if you get in touch lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ representatives. If you have had conflict with your landlord or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic as opposed to unsettled. If you hold a share in a the Management Company, you should make sure that you are holding the original share certificate. Organising a re-issued share certificate is often a lengthy process and frustrates many a Colwyn Bay home move. Where a reissued share certificate is needed, you should approach the company officers or managing agents (if relevant) for this as soon as possible. Many landlords or managing agents in Colwyn Bay charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Colwyn Bay. Some Colwyn Bay leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
I am the registered owner of a split level flat in Colwyn Bay, conveyancing having been completed December 1997. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Colwyn Bay with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 per annum. The lease runs out on 21st October 2103
You have 77 years left to run the likely cost is going to be between £7,600 and £8,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.