In what way does my ID and proof of funds have anything to do with my conveyancing in Barry? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Barry conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility bill evidencing your correct address.
Under Money Laundering Regulations, property lawyers are obliged by law to check not simply the identity of conveyancing clients but also the source of monies that they receive in respect of any matter. An unwillingness to disclose this may result in your solicitor terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to inform the appropriate authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
I am about to put a bid on a leasehold flat in Barry. The selling agents advise that it is normal for flats in Barry to have less than 75 years left on the lease. I am expecting a loan with Nationwide Building Society. Is this going to be acceptable if the lease has Seventy One years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 4/2/2019 the requirements read as follows :
Report to the issuing office if the lease term is shorter than that stated on the offer and has less than 100 years remaining. (There is no requirement to report if the lease term is lower than that stated on the offer but still has 100 years or more to run, or if the lease term is longer than that stated on the offer).
NEW BUILD PROPERTIES (includes office conversions)
The following are not acceptable:
- The unexpired lease term is less than 125 years on a new build flat or 250 years on a new build house (does not apply to Shared Ownership)
- Starting ground rent is more than 0.1% of the property value
The lease must be amended to comply with the above. If not the case cannot proceed. Please advise us where the case cannot proceed.
Ground rents and event fees:
Ground rent and other event fees must be reasonable at all times during the lease term. For example, it is acceptable for ground rent escalation to be linked to RPI (Retail Price Index) or a similar index and where this is the case we do not need to be advised. However, unreasonable multipliers of ground rent will not be permitted, for example, doubling every 5, 10 or 15 years. These must be referred to us and we will advise if our mortgage offer remains valid. If you are unsure as to whether the terms of a lease are unreasonable, please refer the details to us.
I require expedited conveyancing in Barry as I have pressure to exchange contracts in less than one month. Luckily I do not need a mortgage. Can I decline from having conveyancing searches to save money and time?
As you are not getting a home loan you are at liberty not to have searches carried out although no conveyancer would recommend that you don't. With plenty of history conveyancing in Barry the following are instances of what can be revealed and adversely affect future saleability: Enforcement Notices, Overdue Charges, Overdue Grants, Railway Schemes,...
I am buying a new build apartment in Barry. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Barry
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply a car parking plan.
What type of property do your Barry conveyancing estimates apply to?
Our conveyancing quotes are only applicable to standard domestic homes in England & Wales. Where you have any different requirements for example industrial or agricultural land or commercial conveyancing in Barry please telephone us to address your requirements .