In what way does my ID and proof of funds have anything to do with my conveyancing in Tregaron? What am I being asked for?
In order to comply with Money Laundering Regulations any Tregaron conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility account showing where you reside.
In accordance with Money Laundering Regulations, conveyancing solicitors are required to ascertain not simply the identity of conveyancing clients but also the source of monies that they receive in respect of any matter. Refusal to disclose this will result in your solicitor cancelling their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to inform the relevant authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Tregaron. My lender is Tesco Bank
Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 16/6/2021, the requirements read as follows :
The deeds to my home can not be found. The conveyancers who conducted the conveyancing in Tregaron 10 years ago no longer exist. What do I do?
Assuming you have a registered title the information relating to your ownership will be held by HMLR under a Title Number. It is easy to conduct a search at the Land Registry, locate your house and secure current copies of the property title for less than a fiver. If the title is Leasehold then the Land Registry will also normally hold a file copy of the Registered Lease and again, a copy can be retrieved for a small fee.
Due to the input of my in-laws I had a survey completed on a house in Tregaron in advance of appointing solicitors. I have been told that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies tend not give a mortgage on such a premises.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Tregaron. Conveyancing may be slightly more expensive based on your lender's requirements.
One month into buying a property in Tregaron. Conveyancing solicitor has called to say the property is "Leasehold". Should this impact our Santander valuation?
Tregaron conveyancing does not in most situations involve leasehold houses. The main factor here is the length of lease and the ground rent. If there are hundred of years years remaining with a peppercorn rent, it's almost the same as freehold, so it’s unlikely to impact the saleability significantly.
On the flip side, if it's, say, fifty five years it is bound to have a adverse effect on the value, and most likely wouldn't be acceptable to the bank. The remaining lease term and ground rent will be set out in the lease which should be made available to your conveyancer.