My solicitor has uncovered a a problem with the lease for the apartment we are purchasing in Mynydd Isa. The other side have put forward title insurance as a solution. We are content with insurance and will pay for it. Our solicitor says that he must check that the lender is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
In what way does my ID and proof of funds have anything to do with my conveyancing in Mynydd Isa? What am I being asked for?
Mynydd Isa conveyancing solicitors and indeed property lawyers accross the UK have an obligation under money laundering regulations to check the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and evidence of address (usually a Bank Statement less than 3 months old).
Evidence of source of funds is also necessary under the money laundering laws as conveyancers are duty bound to investigate that the money you are utilising to purchase a property (be it the exchange deposit or the total purchase price where you are buying without a mortgage) has originated from an acceptable source (such as an inheritance) rather than the product of illegitimate activity.
If you had a top tip for selecting a conveyancing solicitor in Mynydd Isa what would it be?
It would be unwise to be tempted by the cheapest Mynydd Isa conveyancing costs illustration. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
This question may be naive but I am unseasoned as FTB of a two bedroom flat in Mynydd Isa. Do I pick up the keys to the property on the completion date from my solicitor? If this is the case, I will instruct a local conveyancing solicitor in Mynydd Isa?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the completion advance to the vendor’s solicitors, and once they have received this, you will be invited to receive the keys from the property Agents and move into your new home. Usually this happens between 1 and 3pm.
My husband and I are in the process of looking at apartments in Mynydd Isa and I am about to put in an offer. Should I already have a lawyer in place at this stage? I intend to finance via a home loan with Bank of Ireland.
You should start requesting conveyancing quotes 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 contact information on to the selling agent. Given that you are obtaining a mortgage with Bank of Ireland, make sure you remember to check that your lawyer is on the Bank of Ireland conveyancing panel.
I need some expedited conveyancing in Mynydd Isa as I am under a deadline to sign on the dotted line within one month. Luckily I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save fees and time?
As you are not taking a home loan you are at liberty not to have searches carried out although no law firm would suggest that you don't. Drawing on our experience of conveyancing in Mynydd Isa the following are examples of issues that can arise and adversely impact future mortgageability: Enforcement Notices, Overdue Charges, Outstanding Grants, Unadopted Roads,...
Just had an offer accepted on a new build flat in Mynydd Isa. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Mynydd Isa
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Forfeiture - bankruptcy or liquidation must not apply under this provision. 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. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
I own a leasehold flat in Mynydd Isa. Conveyancing and Alliance & Leicester mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Mynydd Isa who acted for me is not around. What should I do?
First contact HMLR to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Mynydd Isa conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I inherited a basement flat in Mynydd Isa, conveyancing having been completed in 1998. How much will my lease extension cost? Equivalent flats in Mynydd Isa with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease runs out on 21st October 2092
With only 67 years remaining on your lease the likely cost is going to span between £10,500 and £12,000 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.