What does my ID and proof of funds have anything to do with my conveyancing in Bewdley? Why is this being asked of me?
Bewdley conveyancing solicitors and indeed property lawyers throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).
Confirmation of source of monies is also necessary under the money laundering regulations as conveyancers are duty bound to ensure that the monies you are utilising to buy a property (be it the exchange deposit or the full purchase amount if you are buying mortgage free) has come from legitimate source (such as an inheritance) as opposed to the product of illegitimate activity.
The Bewdley conveyancing firm that I recently instructed on my house acquisition in Bewdley have suddenly shut down. They were on acting for me because I had to have a firm on the Aldermore conveyancing panel and my preferred Bewdley lawyer was not. I issued them a cheque for two hundred pounds in advance. What should be my next steps?
If you have an estate agent involved then inform them immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Aldermore conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help.
The deeds to our home are lost. The lawyers who dealt with the conveyancing in Bewdley 4 years ago no longer exist. What are my options?
As long as the title is registered the information relating to your proprietorship will be held by HMLR with a Title Number. It is easy to carry out a search at the Land Registry, find your property and get up to date copies of the Registered Entries for a small fee. If the property is Leasehold then the Land Registry will also normally retain a file copy of the Registered Lease and again, a copy can be retrieved for £20 inclusive of VAT.
I'm buying my first flat in Bewdley benefiting from help to buy. The builders refused to budge the amount so I negotiated £7000 of extras instead. The house builders rep suggested that I not disclose to my conveyancer about the side-deal as it will put at risk my loan with the bank. Do I keep my lawyer in the dark?.
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.
Over the last few months I have been searching for a ground for flat up to £305k and found one near me in Bewdley I like with amenity areas and transport links in the vicinity, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Bewdley in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan the shortness of the lease will be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.