Unfortunately I am unable to travel far from Llangollen. Please clarify why all Llangollen property lawyers aren't automatically on all mortgage company panels?
Lenders point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud annually.The removal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for mortgage companies to review their conveyancing panels, which triggered a major policy change in the sector. This resulted in lenders pruning less reputable firms off their panel of approved conveyancing practitioners .
In what way does my ID and proof of funds have anything to do with my conveyancing in Llangollen? Is this really warranted?
In order to comply with Money Laundering Regulations any Llangollen conveyancing firm will require proof of identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility account showing your correct address.
In accordance with Money Laundering Regulations, conveyancers are required to ascertain not simply the identity of conveyancing clients but also the origin of monies that they receive in respect of any matter. An unwillingness to disclose this will result in your conveyancer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to make a disclosure to the relevant authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
I happen to be the sole recipient of my late father’s estate with all property in now in my sole name, including the house in Llangollen. The Llangollen property was put into my name in September. I want to move. I understand that there is a Mortgage Lenders six month 'rule', which means that my property ownership may be considered the same way as though I had purchased the house in September. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ 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 is primarily there to capture the purchase and immediately sell or the wholesaling and assigning of property.
I recently had an offer agreed on a house in Llangollen. My mortgage broker pressured me to appoint their conveyancing practitioner. I paid an on account payment of £175. Shortly after, the conveyancer contacted me to say that they were not on the Santander conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Santander panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Our sealed bid on a detached house in Llangollen has been accepted, the owners do however have a dependent purchase. The sellers have placed an offer on a property, however it’s not been accepted yet, and have viewings of other flats booked. I have instructed a bricks and mortar conveyancing solicitor in Llangollen. What do I do now? When do I get the mortgage application with Kent Reliance going?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx £1k, then valuation, Llangollen conveyancing search costs, etc). The first course of action is to ensure that your property lawyer is on the Kent Reliance approved list. Regarding the next steps this very much dictated by the circumstances of your transaction, desire for the property and on the state of the market. In a hot market the majority of purchasers would apply for a home loan with Kent Reliance and pay for the valuation and only if it comes back ok would they pay their conveyancing practitioner to move forward with searches.
I need some fast conveyancing in Llangollen as I am faced with a deadline to sign on the dotted line inside one month. Thankfully I do not need a mortgage. Can I avoid the conveyancing searches to save fees and time?
If.Given you are are a cash buyer you have the choice not to do searches although no conveyancer would suggest that you don't. Drawing on our experience of conveyancing in Llangollen the following are examples of what can appear and therefore impact the marketability of the property: Enforcement Actions, Overdue Fees, Overdue Grants, Unadopted Roads,...
I have been on the look out for a flat up to £245,000 and identified one near me in Llangollen I like with amenity areas and transport links nearby, however it only has 51 years on the lease. I can't really find anything else in Llangollen for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage the shortness of the lease may be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Llangollen. Conveyancing advisers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Llangollen ?
Most houses in Llangollen are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Llangollen in which case you should be shopping around for a Llangollen conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your lawyer should appraise you on the various issues.
I invested in buying a ground floor flat in Llangollen, conveyancing was carried out March 2010. Can you work out an approximate cost of a lease extension? Corresponding flats in Llangollen with over 90 years remaining are worth £185,000. The ground rent is £65 per annum. The lease ceases on 21st October 2086
With just 61 years left to run we estimate the price of your lease extension to range between £18,100 and £20,800 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.