I am hoping to move into my new home in Mynydd Isa next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the lender expect the insurance to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These obligations are not limited to conveyancing in Mynydd Isa.
What does my ID and proof of funds have anything to do with my conveyancing in Mynydd Isa? Why is this being asked of me?
Mynydd Isa conveyancing solicitors and indeed property practitioners throughout the UK have an obligation under money laundering regulations to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and proof of address (typically a Utility Bill no more than three months).
Confirmation of the origin of monies is also necessary in accordance with the money laundering laws as conveyancers are required to check that the funds you are utilising to buy a property (be it the exchange deposit or the full purchase price where you are buying without a mortgage) has originated from legitimate source (such as an inheritance) and is not the fruits of illegitimate activity.
This question may be naive but I am new to the home moving as FTB of a two bedroom flat in Mynydd Isa. Do I collect the keys to the premises on completion from my lawyer? If so, I will use a local conveyancing solicitor in Mynydd Isa?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the completion advance to the owner’s solicitors, and shortly after the monies have arrived, you will be able to pick up the keys from the selling Agents and move into your new home. Usually this happens early afternoon.
We had chosen solicitors located in Mynydd Isa on the Leeds Building Society solicitor panel. They are now charging me a separate amount for the legal aspects of the Leeds Building Society mortgage. Is this a supplemental conveyancing fee specified by Leeds Building Society?
As unfair as it may seem, as long as it’s in their Terms and Conditions or estimate then yes your property lawyer may levy a fee for this. This charge is not set by Leeds Building Society but by your Mynydd Isa conveyancing practitioner. Plenty of firms on the Leeds Building Society panel will charge an ‘acting for lender’ fee but some firms include it on their overall fee.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Mynydd Isa bank branch on a couple of occasions and was advised it wasn't an issue and they will lend. My Mynydd Isa conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the solicitor is on the mortgage company approved list, she or he must adhere to the CML Handbook requirements for the 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.
Over the last few months I have been searching for a ground for flat up to £305k and identified one near me in Mynydd Isa I like with a park and railway links nearby, however it only has 52 years on the lease. I can't really find anything else in Mynydd Isa for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
We're new on the property ladder - had an offer accepted, but the agent told us that the seller will only issue a contract if we appoint the agent's preferred lawyers as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a high street conveyancer who is familiar with conveyancing in Mynydd Isa
We suspect that the seller is not behind this ultimatum. Should the vendor desire ‘a quick sale', alienating a serious purchaser is is going to put the whole deal at risk. Bypass the agents and go straight to the owners and make the point that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)but you are going to appoint your preferred Mynydd Isa conveyancing solicitors - not the ones that will earn their estate agent a introducer fee or hit his conveyancing figures pre-set by corporate headquarters.