My husband and I are looking to acquire a flat in Creigiau and have instructed a Creigiau conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Barclays Direct have this evening contacted us to advise us that there is now an issue as our Creigiau solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is conventional for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Creigiau solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
I require conveyancing for an apartment in a fairly new development (five years old) in Creigiau. Almost all the flats have already been sold. Do I need carry out the neighbourhood searches as part of conveyancing in Creigiau?
A big part of the Creigiau legal transfer of property is the conveyancing searches. There are numerous search providers who offer Creigiau conveyancing searches, as well direct from the local authority. These are usually referred to as personal search providers due to them carrying out, personal searches. Nevertheless, all Local Authority Search conveyancing products have one thing in common - they must secure their data from the local authority.
What does my ID and proof of funds have anything to do with my conveyancing in Creigiau? Why is this being asked of me?
It is indeed that case that these requests have nothing to do with conveyancing in Creigiau. Nowadays you will not be able to complete any conveyancing process in the absence providing proof of your identity. This usually takes the form of a either your passport or driving licence plus a council tax bill. Please note that if you are providing your driving licence as proof of identification it needs to be both the paper element and photo card part, one is not acceptable in the absence of the other.
Verification of your source of funds is necessary in accordance with the Money Laundering Regulations. Please do not be offended when you are asked to produce this as your lawyer must retain this information on record. Your Creigiau conveyancing practitioner will need to see evidence of proof of funds before they are able to accept any monies from you into their client account and they should also ask additional questions concerning the origin of monies.
My wife and I purchased a 4 bedroom Victorian house in Creigiau. Conveyancing practitioner acted for me and The Mortgage Works. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold with the matching property. I'd like to know for sure, how can I find out??
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Creigiau and other locations in 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 mortgage companies. You can also question the situation with your conveyancing lawyer who carried out the work.
I'm buying a new build house in Creigiau benefiting from help to buy. The sellers refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep told me not reveal to my solicitor about the deal as it could impact my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 complete next month on a garden flat in Creigiau. Conveyancing solicitors have said that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Creigiau should include some of the following:
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Does the lease prevent you from subletting the property, or working from home You would want to be sent a copy of the lease Your solicitors should enable you to have an understanding of the insurance provisions Ground rent - what is payable and when you need to pay, and also know whether this will change in the future The unexpired lease term. You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
Leasehold Conveyancing in Creigiau - A selection of Queries Prior to buying
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If a Creigiau lease has less than 80 years it will have adverse implications on the value of the property. It is worth checking with your bank that they are happy with the length of the lease. A short lease means that you will almost definitely have to extend the lease sooner rather than later and it is worth finding out what this would cost. For most Creigiaulease extensions you would be required to have owned the premises for 24 months in order to be eligible to exercise a lease extension. Are any of leasehold owners in dispute over their service charge liability? Is the freehold owned collectively by the leaseholders?