My partner and I are refinancing our apartment in Pentraeth with Kent Reliance. We have a son 19 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the apartment is repossessed. I have a couple of questions (1) Is this document specific to the Kent Reliance conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Kent Reliance. This is solely used to protect Kent Reliance if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Kent Reliance had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
In what way does my ID and proof of funds have anything to do with my conveyancing in Pentraeth? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Pentraeth conveyancing firm will require evidence of your identity in all conveyancing matters. This is usually dealt with by provision of a passport and an original bank statement or utility bill evidencing where you live.
In accordance with Money Laundering Regulations, property lawyers are required to validate not simply the identity of conveyancing clients but also the origin of monies that they receive in respect of any matter. Refusal to disclose this may result in your conveyancer ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to notify the appropriate authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
A relative pointed out to me me that in buying a property in Pentraeth there may be various restrictions affecting the ability to carry out external changes to a property. Is this right?
We are aware of a number of properties in Pentraeth which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Pentraeth should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am the sole recipient of my late grandmother’s estate with all property in now in my sole name, including the house in Pentraeth. Conveyancing formalities meant that the Land Registry date was in September. I now wish to sell up. I do know about the CML 6 month 'rule', which means that my proprietorship may be treated the same way as if I'd bought the house in September. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. How sensible a view lenders take of it, depend on the mortgage company as this requirement is principally there to identify subsales or the wholesaling and assigning of properties.
The formalities of my remortgage has taken place for my property in Pentraeth. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Most lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. We understand that complaints to a lender are sorted out very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
It has been five months since my purchase conveyancing in Pentraeth took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
In my capacity as executor for the will of my father I am disposing of a residence in Monmouth but I am based in Pentraeth. My conveyancer (approximately 300 kilometers from meneeds me to execute a statutory declaration prior to the transaction finalising. Can you recommend a conveyancing practitioner in Pentraeth to attest and place their company stamp on the document?
strictly speaking you are not likely to need to have the documents attested by a conveyancing solicitor. Normally any notary public or qualified solicitor will be fine regardless of whether they are based in Pentraeth
Can you provide any top tips for leasehold conveyancing in Pentraeth with the aim of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Pentraeth can be reduced where you get in touch lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the purchasers’ conveyancers. A minority of Pentraeth leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. If you have had any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unresolved. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to present the dispute as historic rather than unsettled. The majority of freeholders or Management Companies in Pentraeth levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Pentraeth. If you hold a share in a the Management Company, you should ensure that you are holding the original share document. Arranging a duplicate share certificate can be a lengthy process and frustrates many a Pentraeth home move. If a reissued share certificate is necessary, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity.
Pentraeth Leasehold Conveyancing - Sample of Questions you should consider before Purchasing
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How many years remain on the lease? The best form of lease arrangement is where the freehold title is in the ownership of the leaseholders. In this scenario the tenants enjoy control and notwithstanding that a managing agent is often employed where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves.