The mortgage agreement from HSBC for the remortgage of my 3 room apartment is due by the end of next week. Can you recommend a cheap conveyancing law firm in Newtown?
You are on the wrong site if you are in need of a cheap conveyancing solicitors in Newtown. Our aim is to provide affordable conveyancing but our intention is not to work with the cheapest lawyers. Avoid the trap of appointing brokers seducing you with £99 conveyancing in Newtown. Optimistically, in being led by cheap conveyancing, you will earn what you pay for and at worst you will end up with a hefty uplift in additional fees and still not end up with the service required.
What does my ID and proof of funds have anything to do with my conveyancing in Newtown? Why is this being asked of me?
Newtown conveyancing solicitors and indeed property lawyers accross the UK have a duty under money laundering regulations to check the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and proof of address (usually a Bank Statement no more than three months).
Evidence of source of funds is also required under the money laundering laws as solicitors are obliged to ensure that the funds you are utilising to purchase a property (be it the exchange deposit or the total purchase price if you are a cash purchaser) has originated from an acceptable source (such as an inheritance) as opposed to the proceeds of illegitimate behaviour.
Will our solicitor be making enquiries concerning flooding during the conveyancing in Newtown.
Flooding is a growing risk for solicitors specialising in conveyancing in Newtown. There are those who acquire a house in Newtown, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to impart advice on flood risk, but there are a numerous checks that may be carried out by the buyer or on a buyer’s behalf which should give them a better understanding of the risks in Newtown. The standard property information forms supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the owner to find out if the property has historically flooded. In the event that the property has been flooded in past which is not disclosed by the seller, then a buyer may issue a compensation claim stemming from an inaccurate answer. The purchaser’s conveyancers will also carry out an environmental search. This will higlight if there is a recorded flood risk. If so, further investigations will need to be carried out.
I acquired my home on 1 June and my personal details is yet to be on the land registry website. Need I be worried? My conveyancing solicitor in Newtown said it would be dealt with in less than a month. Are transfers in Newtown particularly slow to register?
There is nothing unique about conveyancing in Newtown registration formalities. Rather than based on location, timeframes can vary depending on the party submitting the application, whether there are errors and if the Land registry communicate with any other persons or bodies. At present approximately three quarters of such applications are fully dealt with within two weeks but occasionally there can be protracted hold-ups. Historically registration takes place after the buyer has moved in to the premises thus post completion formalities is not typically primary concern yet if it is urgent that the the registration takes place urgently then you or your lawyers could communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in Newtown differ for newly converted properties?
Most buyers of new build premises in Newtown come to us having been asked by the builder to exchange contracts and commit to the purchase even before the house is finished. This is because house builders in Newtown typically buy the real estate, 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 Newtown or who has acted in the same development.
At last I have had an offer on an flat in Newtown agreed to, the owner does nevertheless have an associated purchase. The sellers have submitted an offer on a property, however it’s not yet tied up, and has viewings of other apartments in the pipeline. I have chosen a local conveyancing solicitor in Newtown. What do I do now? At what point should I apply for the mortgage with Lloyds?
It is usual to have apprehensions where there is an associated chain as you are unlikely to want to incur expenses prematurely (mortgage application is in the region of £1k, then survey, Newtown conveyancing search costs, etc). First, you should ensure that your conveyancing practitioner is on the Lloyds approved list. Regarding the subsequent phase this very much depends on the circumstances of your transaction, desire for this property and on the state of the market. In a hot market the majority of purchasers will apply for the mortgage with Lloyds and arrange for the valuation and only if it comes back ok would they request their lawyer to press on with the conveyancing in Newtown.