In what way does my ID and proof of funds have anything to do with my conveyancing in St Davids? Is this really necessary?
To satisfy the Money Laundering Regulations any St Davids conveyancing firm will require proof of identity in all conveyancing transactions. This is usually dealt with by provision of a passport and an original bank statement or utility account showing your correct address.
Under Money Laundering Regulations, property lawyers are obliged by law to investigate not simply the ID of conveyancing clients but also the origin of monies that they receive in respect of any matter. Refusal to disclose this will result in your lawyer terminating 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 relevant authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
My relative advised me that where I am purchasing in St Davids I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes quoted for as part of the standard St Davids conveyancing searches. It is not a small report of more than thirty pages, listing and detailing important information about St Davids around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the St Davids Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, St Davids Education with maps and statistics, Local Amenities and other useful information about St Davids.
I have a terraced Edwardian property in St Davids. Conveyancing solicitor acted for me and Chelsea Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, the second leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in St Davids and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the situation with your conveyancing solicitor who completed the work.
I'm buying my first flat in St Davids with a mortgage from Aldermore. The developers would not move on the amount so I negotiated £7000 of extras instead. The sale representative advised me not disclose to my conveyancer about the extras as it could affect my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the UK Finance website. UK Finance form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a quick, no chain conveyancing. St Davids is the location of the property. What do you suggest?
Flying freeholds in St Davids are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside St Davids you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in St Davids may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Do I need to be concerned by third parties that I am dealing with are suggesting a factory type conveyancing firm rather than a local St Davids conveyancing practice?
As is the case with lots of service providers, often suggestions from relatives can be extremely useful or valuable. Nevertheless there are lots of players in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all put forward lawyers to choose. Sometimes the solicitors might be known to one of the organisations as one of the best in their field, but occasionally there may be a commercial relationship behind the recommendation. You have the discretion to choose your preferred conveyancer. Don't forget that some lenders have an approved list of lawyers you have to use for the lender aspect of your house move.