My partner and I are buying a brand new apartment in Monmouthshire and my solicitor is informing me that she is duty bound to the lender to reveal incentives from the developer. I am on a tight deadline to sign contracts and I don't want to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
In what way does my ID and proof of funds have anything to do with my conveyancing in Monmouthshire? Is this really necessary?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with prior to agreeing to accepting their conveyancing business. The Terms and Conditions that you are required to sign will no doubt stipulate this. Your lender will also require certain documents to be viewed. Should you refuse to supply identification documents, your conveyancer would not be able to act for you.
Having spent time scouring mumsnet.com for a cheap solicitor in Monmouthshire, many post that I should use a CQS accredited solicitor. What is CQS?
Monmouthshire Conveyancing Quality Scheme solicitors have been granted accreditation by the law Society CQS was brought about to promote high standards in the in the legal transfer of properties. CQS helps house movers to identify solicitor firms who provide a quality residential conveyancing. Monmouthshire is one of locations in England and Wales in which accredited firms are located. The conveyancing scheme obliges solicitors to undergo a strict assessment, compulsory training, self-reporting, random audits and yearly assessments in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Legal Ombudsman.
How does conveyancing in Monmouthshire differ for new build properties?
Most buyers of new build property in Monmouthshire come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Monmouthshire 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 conveyancing solicitors 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 Monmouthshire or who has acted in the same development.
I have been on the look out for a flat up to £305k and identified one near me in Monmouthshire I like with a park and railway links in the vicinity, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Monmouthshire for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term may be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
I need to find a mortgage company panel solicitor in Monmouthshire. Can you assist?
It is not clear why you need a Monmouthshire panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the mortgage company to find out which solicitors in Monmouthshire are on their panel . If you do find such a firm in Monmouthshire not listed please direct them to our site to list. After all the cost is only one £1 a month