In what way does my ID and proof of funds have anything to do with my conveyancing in Porthcawl? Why is this being asked of me?
Porthcawl conveyancing solicitors and indeed property practitioners accross the UK have a duty under money laundering regulations to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and proof of address (typically a Bank Statement no more than three months).
Evidence of the origin of funds is also necessary in compliance with the money laundering laws as conveyancers have a duty to ensure that the monies you are utilising to buy a property (be it the exchange deposit or the full purchase price where you are a cash purchaser) has come from legitimate source (such as employment savings) rather than the product of criminal behaviour.
We have agreed to purchase a house in Porthcawl. An unusual aspect is that the roof has a solar panel. Coventry BS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Coventry BS your lawyer must check the formal instructions contained in Section two of UK Finance Lenders’ Handbook for Coventry BS. The CML Handbook stipulates minimum provisions for solar panel roof-space leases, and conveyancing practitioners are required to report to Coventry BS where a lease fails to meet these conditions. The specifications relate to the installation of panels on properties countrywide and is not limited to Porthcawl.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Porthcawl bank branch on various occasions and was advised it wasn't a problem and they would lend. My Porthcawl conveyancing solicitor - who is on the lender conveyancing panel- called to say that they would not lend based on their published requirements. I simply don't know who is right.
As long as the solicitor is on the mortgage company approved list, they must follow the CML Handbook conditions for the bank. 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
After shopping around on the internet I have found a Porthcawl solicitor having checked that they are on the Kent Reliance conveyancing panel. Does my lawyer arrange the survey of the property?
Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Porthcawl surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. Porthcawl is where the house is located. What do you suggest?
Flying freeholds in Porthcawl are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Porthcawl you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Porthcawl may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
What does commercial conveyancing in Porthcawl cover?
Porthcawl conveyancing for business premises incorporates a wide array of services, provided by qualified solicitors, relating to business property. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
I am a negotiator for a reputable estate agency in Porthcawl where we see a number of flat sales derailed as a result of short leases. I have received inconsistent advice from local Porthcawl conveyancing firms. Could you clarify whether the seller of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Porthcawl Conveyancing for Leasehold Flats - Examples of Questions you should consider before Purchasing
How much is the ground rent and service charge? Is anyone aware of any major works on the horizon that will likely increase the maintenance charges? What is the length of the lease?