My partner and I are approaching an exchange on a house in Hay On Wye and my mum and dad have transferred the ten percent deposit to my conveyancer. I am now advised that as the deposit has been received from someone other than me my property lawyer needs to make a notification to my lender. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I informed the lender about my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to be an issue?
The property lawyer is legally required to clarify with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Hay On Wye? What am I being asked for?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in Hay On Wye. Nowadays you can not complete any conveyancing deal without first handing over evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a council tax bill. Remember if you are supplying your driving licence as evidence of ID it must be both the paper part and photo card part, one is not sufficient in the absence of the other.
Proof of the source of money is necessary under Money Laundering Regulations. You should not be offended when when this is requested of you as your conveyancer will need to have this information on file. Your Hay On Wye conveyancing solicitor 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 will also ask further questions regarding the origin of monies.
I am refinancing my apartment in Hay On Wye, does my lawyer have to be on the Skipton Conveyancing panel?
In theory, you could use a solicitor that is not on the Skipton conveyancing panel, but Skipton would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Do commercial conveyancing searches reveal planned roadworks that may affect a commercial premises in Hay On Wye?
Its becoming the norm that commercial conveyancing solicitors in Hay On Wye will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Hay On Wye. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Hay On Wye.
For every commercial conveyancing transaction in Hay On Wye it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately could result in delays to Hay On Wye commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Hay On Wye.
three months have elapsed since my purchase conveyancing in Hay On Wye completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying a new build flat in Hay On Wye. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Hay On Wye
-
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. Forfeiture - bankruptcy or liquidation must not apply under this provision. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply a car parking plan. Please confirm the Lease plans are surveyor prepared.