I am not well enough to travel far from Treharris. Is there a reason why all Treharris lawyers are not on all mortgage company panels?
Banks point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud annually.The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its outcome included recommendations for lending institutions to review their conveyancing panels, which triggered a major policy change in the sector. It resulted in mortgage companies removing less reputable firms from their official list of approved conveyancers .
I am under pressure from the seller of a property in Treharris to sign contracts within four weeks. What can I do to expedite matters?
First, If you are under a tight deadline to sign contracts it is advisable to make sure that your solicitor is familiar with the location as they will make use of local relationships and intelligence. It is possible that they may have conducted previoushomes in the same neighbourhood. You would be best advised to use a Treharris conveyancing solicitor. Second, make sure that the lawyer is on the on the approved list for your mortgage company. It is believed that 18% of Treharris conveyancing transactions are suspended or derailed after discovering a buyer’s lawyer was not on their banks member panel. This can often result in the home move being frustrated by an average of three weeks. It is understood that this issue impacts in the region of 100,000 home moves annually. Almost all Treharris conveyancing firms can not represent certain banks so do check as early as possible.
What does my ID and proof of funds have anything to do with my conveyancing in Treharris? What am I being asked for?
You are right in these requests have nothing to do with conveyancing in Treharris. However these days you will not be able to proceed with any conveyancing deal in the absence providing proof of your identity. This usually takes the form of a either your passport or driving licence plus a bank statement. Remember if you are providing your driving licence as proof of ID it must be both the paper part and photo card part, one is not sufficient without the other.
Proof of the source of monies is necessary in accordance with the Money Laundering Regulations. Please do not be offended when you are asked to produce this as your conveyancer will need to retain this information on record. Your Treharris conveyancing lawyer will require evidence of proof of funds before they are able to accept any monies from you into their client account and they may also ask additional queries concerning the origin of funds.
I am purchasing a house and the conveyancer has identified Chancel Repair to which the property may be liable because it falls into the area of such a church. He has recommended insurance. Is this really required for conveyancing in Treharris
Unless a previous purchase of the house took place post 12 October 2013 you may assume that conveyancing practitioners handling conveyancing in Treharris to remain encouraging a chancel search and or insurance against a claim.
I'm buying my first flat in Treharris with the aid of help to buy. The builders refused to budge the amount so I negotiated 6k of additionals instead. The sale representative told me not disclose to my lawyer about this deal as it would adversely affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML 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.
I have been on the look out for a leasehold apartment up to £245,000 and identified one near me in Treharris I like with amenity areas and transport links in the vicinity, the downside is that it only has 61 years unexpired on the lease. There is not much else in Treharris for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage that many years will likely be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.