I was told today by my financial adviser that my Llantwit Major solicitor is not on the mortgage company Conveyancing panel. How can I be certain that this is indeed the case?
You need to call your Llantwit Major lawyer directly. You lawyer should inform you what has happened. Where they are not on the panel they may recommend you to a Llantwit Major conveyancing practice that is on the conveyancing panel for your bank.
What does my ID and proof of funds have anything to do with my conveyancing in Llantwit Major? Is this really necessary?
To satisfy the Money Laundering Regulations any Llantwit Major conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally dealt with 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 investigate not only the identity of conveyancing clients but also the source of the money that they receive in respect of any matter. An unwillingness to disclose this will result in your conveyancer ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to inform the relevant authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
My conveyancer has informed me that breach of easement insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Llantwit Major?
The right level of breach of easement indemnity insurance depends on your lender. It would differ for example between Halifax and Bank of Scotland. Conveyancing practitioners as opposed to members of the public take out such policies.
My wife and I are in the process of viewing flats in Llantwit Major and I am about to put in an offer. Should I already have a conveyancer in place at this stage? I intend to finance via a home loan with Lloyds.
You should start requesting conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. Given that you are seeking a mortgage with Lloyds, ask your prospective lawyers if they are on the Lloyds conveyancing panel otherwise they can't do the mortgage legal work.
I am currently in the process of buying my council flat in Llantwit Major. I have a mortgage offer with Lloyds. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Lloyds, you will need to appoint a solicitor on the Lloyds conveyancing panel.
How does conveyancing in Llantwit Major differ for newly converted properties?
Most buyers of new build or newly converted property in Llantwit Major approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is completed. This is because developers in Llantwit Major tend to purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Llantwit Major or who has acted in the same development.
I am employed by a long established estate agent office in Llantwit Major where we have witnessed a few flat sales jeopardised due to short leases. I have been given conflicting advice from local Llantwit Major conveyancing solicitors. Can you clarify whether the vendor of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I invested in buying a 2 bed flat in Llantwit Major, conveyancing was carried out in 2000. Can you work out an approximate cost of a lease extension? Corresponding flats in Llantwit Major with over 90 years remaining are worth £179,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease runs out on 21st October 2081
With only 57 years left to run the likely cost is going to span between £26,600 and £30,800 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should 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.
Our conveyancer in Llantwit Major has uncovered a a legal deficiency with the lease for the property we are buying in Llantwit Major. The other side have suggested title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer says that as he is on the bank conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is the lender?
Just because you have a mortgage offer from the mortgage company does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Llantwit Major conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the lender are the client. The appropriate lender requirements must be adhered to by the lender conveyancing panel who has to balance acting for you and the mortgage company