What does my ID and proof of funds have anything to do with my conveyancing in Dinas Powys? Is this really necessary?
To satisfy the Money Laundering Regulations any Dinas Powys conveyancing firm will require proof of identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility bill evidencing where you reside.
In accordance with Money Laundering Regulations, conveyancers are required to investigate not simply the identity of conveyancing clients but also the origin of the money that they receive in respect of any matter. An unwillingness to disclose this will result in your conveyancer cancelling 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 monies received by them may contravene the Money Laundering Regulations.
Our bank has suggested solicitors on their panel based in Dinas Powys but I would rather instruct a conveyancing lawyer in Dinas Powys or nearer to where I live. Can you help?
Not all Dinas Powys conveyancing solicitors are approved and listed on all lender’s conveyancing panel. Use our search tool to locate a Dinas Powys conveyancing firm on the on the mortgage company panel.
Are all Dinas Powys Conveyancing Quality Solicitors on the Nottingham conveyancing list of approved firms?
A selection of lenders now make use of CQS as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
We expect to receive a AIP from Yorkshire BS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Yorkshire BS recommend any Dinas Powys solicitors on the Yorkshire BS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Dinas Powys solicitors independently although you'll need to choose one on the Yorkshire BS conveyancing panel. The solicitor represents both you and Yorkshire BS through the process.
It is unclear whether my mortgage offer requires a lease extension. I have called into my local Dinas Powys bank branch on numerous occasions and was told it wasn't a problem and they will lend. My Dinas Powys conveyancing solicitor - who is on the lender conveyancing panel- called and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Provided that the lawyer is on the bank approved list, she or he must follow the CML Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
How does conveyancing in Dinas Powys differ for new build properties?
Most buyers of new build property in Dinas Powys come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is constructed. This is because developers in Dinas Powys usually buy the site, 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 conveyancing solicitors 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 used to new build conveyancing in Dinas Powys or who has acted in the same development.
I have been on the look out for a flat up to £195,000 and found one near me in Dinas Powys I like with open areas and transport links nearby, however it's only got 52 years on the lease. There is not much else in Dinas Powys in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.