In what way does my ID and proof of funds have anything to do with my conveyancing in Aberystwyth? Is this really necessary?
To satisfy the Money Laundering Regulations any Aberystwyth conveyancing firm will require proof of identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility account showing where you live.
Under Money Laundering Regulations, conveyancers are required to ascertain not just the ID of conveyancing clients but also the origin of monies that they receive in respect of any matter. An unwillingness to disclose this may result in your lawyer ending their retainer 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 make a disclosure to the appropriate authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
Forgive me if this question is silly but I am unseasoned as a 1st time purchaser of a garden flat in Aberystwyth. Do I receive the keys to the property on the completion date from my lawyer? If this is the case, I will instruct a local conveyancing solicitor in Aberystwyth?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the completion advance to the vendor’s solicitors, and shortly after the monies have arrived, you will be invited to pick up the keys from the selling Agents and start moving into the property. This tends to happen early afternoon.
When it comes to mortgage companies such as Bank of Ireland, do Aberystwyth solicitors face a yearly amount to be on the conveyancing panel?
We are unaware of any bank fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
We had selected conveyancing lawyers located in Aberystwyth on the Santander solicitor approved list. They have just billed me an additional fee for the legal aspects of the Santander mortgage. Is this a supplemental conveyancing fee set by Santander?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your property lawyer can charge a fee for this. This charge is not set by Santander but by your Aberystwyth solicitor. Some firms on the Santander panel will charge ’dealing with mortgage’ fee and others do not.
I am buying my first flat in Aberystwyth with the aid of help to buy. The developers refused to budge the amount so I negotiated 6k of extras instead. The sale representative suggested that I not disclose to my conveyancer about this deal as it would put at risk my loan with National Westminster Bank. Do I keep my lawyer in the dark?.
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 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 am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Aberystwyth. Conveyancing advisers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Aberystwyth ?
The majority of houses in Aberystwyth are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. it is apparent that you are purchasing in Aberystwyth so you should seriously consider shopping around for a Aberystwyth conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer should report to you on the legal implications.
Aberystwyth Conveyancing for Leasehold Flats - A selection of Queries before buying
Best to be warned whether redecorating or some other major work is pending to be shared amongst the leaseholders and could well materially increase the the maintenance charges or result in a specific payment. It would be a good idea to find out if there is anything that is prohibited in the lease. For instance it is very common in Aberystwyth leases that pets are not allowed in in a block in Aberystwyth. If you love the propertyin Aberystwyth however your dog is not allowed to make the move with you then you will be presented with a hard decision. This information is useful as a) areas may cause problems in the building as the communal areas may start to deteriorate where maintenance remain unpaid b) if the leaseholders have an issue with the running of the building you will wish to have all the details
Should I cancel the direct debit for my mortgage with Nationwide as soon as a completion date for my sale in Aberystwyth has been agreed?
You are best advised to keep paying any mortgage payments to Nationwide pending the mortgage being redeemed out of the proceeds of sale as part of your Aberystwyth conveyancing.