I am not in a position to travel far from Margam. I would like to know the reason why all Margam conveyancers are not on all mortgage company panels?
As unjust as it may seem for lenders to restrict who can represent them, from the public’s or lawyer’s viewpoint, the the contrary view is that lending institutions are becoming ever more anxious and regard it imperative to protect them from mortgage fraud. As a consequence of this concern lenders have reduced their conveyancing panel to a size that they are happy to control.
What does my ID and proof of funds have anything to do with my conveyancing in Margam? Is this really warranted?
In order to comply with Money Laundering Regulations any Margam conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill evidencing where you live.
Under Money Laundering Regulations, conveyancing solicitors are obliged by law to investigate not only the identity of conveyancing clients but also the origin of fund that they receive in respect of any matter. An unwillingness to disclose this may lead to your lawyer terminating 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 notify the appropriate authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.
I am purchasing a new build flat in Margam. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Margam you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Margam.
How does conveyancing in Margam differ for newly converted properties?
Most buyers of new build premises in Margam approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is constructed. This is because developers in Margam usually acquire 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 property lawyers 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 accustomed to new build conveyancing in Margam or who has acted in the same development.
I am looking for a ground for flat up to £195,000 and found one near me in Margam I like with a park and station in the vicinity, however it only has 52 years on the lease. I can't really find anything else in Margam suitable, so just wondered if I would be making a mistake buying a short lease?
Should you require a home loan that many years may be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you can request that they commence the lease extension formalities 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 matter.