Much to our surprise we have been told by our broker that my Llanrwst solicitor is not on the bank Solicitor panel. What can I do to check?
The first thing you need to do is to contact your Llanrwst conveyancer. It is reasonable to expect your lawyer to advise you what has happened. Where they are not on the panel they may recommend you to a Llanrwst conveyancing firm that is on the conveyancing panel for your lender.
My partner and I are nearing an exchange on a flat in Llanrwst and my parents have transferred the exchange deposit to my solicitor. I am now advised that as the deposit has been received from someone other than me my conveyancer needs to disclose this to my lender. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the bank concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
The conveyancer is obliged to clarify with mortgage company to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
What does my ID and proof of funds have anything to do with my conveyancing in Llanrwst? Why is this being asked of me?
Llanrwst conveyancing solicitors and indeed property lawyers throughout the UK have a duty under money laundering regulations to verify the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and proof of address (usually a Utility Bill no more than three months).
Evidence of the origin of monies is also required under the money laundering regulations as conveyancers are required to investigate that the money you are using to purchase a property (be it the exchange deposit or the total purchase monies if you are buying mortgage free) has come from an acceptable source (such as employment savings) rather than the proceeds of criminal activity.
I was pointed in your direction by a number of estate agents in Llanrwst to select a solicitor using your seach tool. What’s the financial inducement for Estate Agents to market your site rather than alternative conveyancing organisations?
We don’t give any commission for sending work in our direction. We found it would be just too difficult to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I have just started marketing my basement flat in Llanrwst. Conveyancing lawyers have not yet been instructed, however I have recently had a half-yearly maintenance charge demand – Do I pay up?
It best that you pay the invoice as you normally would as all ground rent and maintenance payments will be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I acquired a 2 bed flat in Llanrwst, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Llanrwst with over 90 years remaining are worth £185,000. The ground rent is £65 charged once a year. The lease expires on 21st October 2082
With just 61 years left to run we estimate the premium for your lease extension to span between £19,000 and £22,000 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.