I am approaching an exchange on a house in Machen and my mum and dad have sent the 10% deposit to my lawyer. I am now informed that as the deposit has not arrived from me my property lawyer needs to disclose this to my mortgage company. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the lender regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to hold matters up?
The conveyancing practitioner is duty bound to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
What does my ID and proof of funds have anything to do with my conveyancing in Machen? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Machen conveyancing firm will require proof of identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility bill evidencing your correct address.
In accordance with Money Laundering Regulations, conveyancers are required to investigate not just the ID of conveyancing clients but also the origin of the money that they receive in respect of any matter. An unwillingness to disclose this may 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 are duty bound to make a disclosure to the appropriate authorities should they believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
A friend suggested that where I am buying in Machen I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally included in the estimate for your Machen conveyancing searches. It is not a small report of more than thirty pages, listing and detailing important information about Machen around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Machen Education with plans and statistics, Local Amenities and other useful data regarding Machen.
My father-in-law has recommend that I instruct his conveyancers in Machen. Should I choose my own solicitor?
There are no two ways about it the ideal way to find a conveyancing practitioner is to get referrals from friends or relatives who have actually experience in using the firm that you are contemplating using.
Having checked my lease I have discovered that there are only 68 years unexpired on my flat in Machen. I am keen to extend my lease but my freeholder is absent. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to prove that you have done all that could be expected to find the freeholder. For most situations a specialist should be helpful to try and locate and prepare an expert document to be used as proof that the freeholder can not be located. It is wise to seek advice from a conveyancer both on investigating the landlord’s absence and the application to the County Court covering Machen.
I am the registered owner of a split level flat in Machen, conveyancing formalities finalised in 1998. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Machen with a long lease are worth £181,000. The ground rent is £55 invoiced every year. The lease finishes on 21st October 2076
With only 51 years unexpired we estimate the premium for your lease extension to span between £30,400 and £35,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns 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 placing reliance on this information without first seeking the advice of a professional.
Do online conveyancing organisations cover everything a local Machen solicitor does or do I still need to use a solicitor for the final stages for my conveyancing in Machen?
If you instruct an online conveyancer they will cover all the things your Machen solicitor would cover.