In what way does my ID and proof of funds have anything to do with my conveyancing in Monmouthshire? Is this really necessary?

Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to check the identity of the person or body they are dealing with prior to agreeing to accepting their conveyancing instruction. The Terms and Conditions that you are required to sign will no doubt confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. If you refuse to hand over ID verification documents, your lawyer will not be able to take you on as a client.

We are getting a further advance on our home loan from as we intend to conduct a loft conversion to our house in Monmouthshire. Are we obliged to appoint a nearby Monmouthshire solicitor on the conveyancing panel to handle the paperwork?

would not normally require firms on their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the panel.

My partner and I are spending time looking at houses in Monmouthshire and I am now considering a potential offer. Is it too early to have a solicitor in place? I intend to finance via a mortgage with .

It would be wise to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. As you are getting a mortgage with , make sure you remember to check that your lawyer is on the conveyancing panel.

I can not work out if my bank requires a lease extension. I have called my Monmouthshire building society branch on numerous occasions and was told it does not impact the mortgage offer and they will lend. My Monmouthshire conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.

The must follow the CML Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.

I'm buying a new build house in Monmouthshire with the aid of help to buy. The sellers refused to budge the price so I negotiated five thousand pounds worth of extras instead. The house builders rep suggested that I not reveal to my lawyer about this side-deal as it will impact my loan with . 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.

Am I right to be concerned about estate agents that I am dealing with are suggesting a national conveyancing firm as opposed to a High Street Monmouthshire conveyancing company?

As with lots of service providers, often suggestions from relatives can be worth their weight in gold. Yet there are lots of players in a conveyancing transaction; estate agents, mortgage brokers and lenders may put forward solicitors to appoint. On occasion the solicitors might be known to one of the organisations as being good in their field, but occasionally there may be a financial incentive behind the endorsement. You are free to choose your own conveyancer. Don't forget that most lenders specify a panel list of law firms you have to use for the lender related work in your transaction.

I inherited a 1 bedroom flat in Monmouthshire, conveyancing was carried out in 1995. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Monmouthshire with an extended lease are worth £165,000. The ground rent is £45 charged once a year. The lease expires on 21st October 50

With just 50 years unexpired we estimate the premium for your lease extension to be between £36,100 and £41,800 as well as plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.