What does my ID and proof of funds have anything to do with my conveyancing in New Quay? What am I being asked for?
New Quay conveyancing solicitors as well as nationwide property practitioners throughout the UK have a duty under money laundering regulations to check the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and evidence of address (usually a Bank Statement less than 3 months old).
Confirmation of the origin of funds is also required under the money laundering statutes as conveyancers have a duty to check that the monies you are using to acquire a property (whether it be the deposit for exchange or the full purchase price where you are buying without a mortgage) has originated from an acceptable source (such as an inheritance) and is not the product of criminal activity.
We wanted to use a conveyancing solicitor in New Quay for our house purchase. Our broker informed us that our bank Skipton Building Society won't deal with them. Surely this is unfair competition?
A decade ago most lenders had an appetite for risk which was higher than today. Almost all New Quay conveyancing firms would have been on most bank panels. The Financial Services Authority in 2010 carried out a thematic review into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms regarding their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum number of transactions. Many New Quay conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. New Quay is one of the thousands of locations where the lawyers we recommend are are authorised to act for Skipton Building Society.
Despite weeks of looking the Title Certificate and documents to our home can not be found. The solicitors who did the conveyancing in New Quay 10 years ago no longer exist. What do I do?
Gone are the days when you need to hold title deeds to evidence that you own the land or property, as the Land Registry have everything they need in a digital format.
In my capacity as executor for the estate of my grandmother I am selling a house in Monmouth but I am based in New Quay. My conveyancer (based 200 miles from meneeds me to execute a stat dec prior to completion. Could you suggest a conveyancing solicitor in New Quay who can attest and place their company stamp on the document?
Technically speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Normally any notary public or qualified solicitor will suffice regardless of whether they are New Quay based
I've found a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in New Quay. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
The majority of houses in New Quay are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in New Quay so you should seriously consider looking for a New Quay conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer will report to you on the legal implications.
I am the registered owner of a basement flat in New Quay, conveyancing formalities finalised 10 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in New Quay with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease expires on 21st October 2080
With just 55 years unexpired the likely cost is going to be between £31,400 and £36,200 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 a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
I today become aware that one of the partners of the law firm handling the purchase conveyancing in New Quay is related to the vendor. Is this allowed?
Provided there is no conflict of interest this is permitted. If you are obtaining a home loan then the bank may have a say as many lenders have specific instructions on this. For example for Santander A&L as of 25/1/2025, the requirements read as follows :