What does my ID and proof of funds have anything to do with my conveyancing in Penyffordd? What am I being asked for?
Penyffordd conveyancing solicitors as well as nationwide property practitioners throughout the UK have a duty under Anti-terror and anti-money-laundering rules 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 produce two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).
Evidence of the origin of funds is also required in compliance with the money laundering regulations as solicitors are required to investigate that the money you are using to buy a property (be it the exchange deposit or the full purchase price if you are a cash purchaser) has originated from legitimate source (such as employment savings) rather than the proceeds of criminal behaviour.
My wife and I have recently appointed a conveyancing solicitor in Penyffordd. I I would like to check whether they are accepted on the Aldermore approved list of lawyers. Can you advise?
The first thing you should do is call your solicitor and enquire whether they are on the lender panel. Otherwise you can call Aldermore who may be able to help.
My bid for a property was accepted at auction in Penyffordd. Conveyancing is needed. What is next?
Having legally committed yourself to purchase you now have to instruct a conveyancing solicitor soon as you now have a tight a fixed date to complete the property. Every auction property will ordinarily have a bespoke auction pack. This will likely include most,if not all of the paperwork that your lawyer will need. Where you are dealing with leasehold premises the conveyancing papers may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to leasehold premises. You must give this to the solicitor instructed by you at the earliest opportunity. You also need to ensure that that you have the requisite funding in order to complete the transaction on the set completion date.
I'm the only beneficiary of my late grandmother’s will with all property in now in my sole name, including the house in Penyffordd. The Penyffordd property was put into my name in December. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership could be regarded the same way as if I'd bought the house in December. Is the property unsalable for six months?
The CML handbook mandates conveyancers 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 impacted by that. How practical a view lenders take of it, depend on the mortgage company as this obligation is principally there to identify subsales or the flipping of properties.
We expect to receive a DIP from Kent Reliance this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Kent Reliance recommend any Penyffordd solicitors on the Kent Reliance conveyancing panel, or is it better to go independently?
You will need to appoint Penyffordd solicitors independently although you'll need to choose one on the Kent Reliance conveyancing panel. The solicitor represents both you and Kent Reliance through the process.
Are there restrictive covenants that are commonly identified as part of conveyancing in Penyffordd?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Penyffordd. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
What are your top tips when it comes to finding a Penyffordd conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Penyffordd conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Penyffordd conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be of use:
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What are the legal fees for lease extension work? Can they put you in touch with clients in Penyffordd who can give a testimonial?
Leasehold Conveyancing in Penyffordd - A selection of Questions you should consider before buying
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Is there a share of the freehold? It is important to be aware whether redecorating or some other major work is due in the foreseeable future to be shared by the tenants and may well dramatically impact the level of the service fees or necessitate a one off invoice. Are any of leasehold owners in dispute over their service charge liability?
Our offer on house in Penyffordd was accepted, but there is a chain. The vendors have submitted an offer on a property, however it’s not yet agreed to, and has viewings of other flats in the pipeline. I have chosen a nearby conveyancing lawyer in Penyffordd. What should be my next step? At what point should I apply for the mortgage with Barclays?
It is normal to have concerns where there is a chain as you are unlikely to want to incur costs too early (mortgage application is approx one thousand pounds, then survey, Penyffordd conveyancing search charges, etc). The first thing to do is check that your conveyancing practitioner is on the Barclays approved list. As to the next steps this very much depends on the uniqueness of your case, desire for the property and on the state of the market. In a hot market many home buyers will apply for the mortgage with Barclays and pay for the valuation and only if it comes back ok would they request their lawyer to press on with the conveyancing in Penyffordd.