Some advice if I may. My Ystradgynlais solicitor is assuring me that he is legally obliged toapply for Ystradgynlais conveyancing searches becausethe firm are on the Nat Westsolicitor panel. Is my conveyancer right?
You have limited options available to you. As you are taking a home loan with a bank your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your property lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Ystradgynlais conveyancing searches.
In what way does my ID and proof of funds have anything to do with my conveyancing in Ystradgynlais? Why is this being asked of me?
It is indeed that case that the requirement set out by your solicitor has nothing to do with conveyancing in Ystradgynlais. Nowadays you will not be able to proceed with any conveyancing process in the absence handing over evidence of your identity. This usually takes the form of a either your passport or driving licence and a bank statement. Please note that if you are providing your driving licence as evidence of ID it needs to be both the paper part as well as the photo card part, one is not satisfactory in the absence of the other.
Proof of the source of funds is mandated under Money Laundering Regulations. Don’t be offended when you are asked to produce this as your conveyancing solicitor will need to retain this information on file. Your Ystradgynlais conveyancing practitioner will need to see evidence of proof of funds before they are able to accept any money from you into their client account and they will also ask additional questions regarding the source of monies.
How does conveyancing in Ystradgynlais differ for new build properties?
Most buyers of new build property in Ystradgynlais come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because builders in Ystradgynlais usually acquire the land, 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 Ystradgynlais or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Ystradgynlais ahead of instructing lawyers. I have been told that there is a flying freehold aspect to the property. The surveyor advised that some banks tend refuse to grant a loan on this type of premises.
It varies from the lender to lender. Lloyds has different requirements for example to Nationwide. If you e-mail us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Ystradgynlais. Conveyancing may be slightly more expensive based on your lender's requirements.
How much experience do your Ystradgynlais conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Ystradgynlais conveyancing lawyers help thousands of buyers move home every year and supported plenty of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Ystradgynlais conveyancers have worked on recent similar matters.