I am expecting a mortgage with Nat West. I hope to instruct a Licensed Conveyancer in Angmering. Does the Nat West Solicitor panel exclude Licensed Conveyancers?
The Nat West conveyancing panel is, like many other lenders, associated to the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the CLC.
We have rather assertive sellers who has suggested a lock out agreement with a down payment two thousand pounds. Are such contracts generally advanced for Angmering conveyancing transactions?
There are two main concerns with executing a lock out agreement (sometimes termed a shut-out contract) is that it diverts attention away from making progress with the conveyancing transaction itself, so in the absence of it needing limited or no negotiation then it may turn out to be unhelpful. It is not promoted amongst Angmering conveyancing solicitors for this reason. A further negative is the extent of the remedies available - an aggrieved buyer is extremely unlikely to obtain injunctive relief to prohibit the seller completing the sale to an alternative purchaser, so the only remedy available under the contract will be the reimbursement of wasted costs and, in limited situations, the additional payment of penalties.
In what way does my ID and proof of funds have anything to do with my conveyancing in Angmering? Why is this being asked of me?
You are right in these requests have nothing to do with conveyancing in Angmering. However these days you can not proceed with any conveyancing transaction if you have not providing evidence of your identity. This usually takes the form of a either your passport or driving licence plus a utility bill. Please note that if you are supplying your driving licence as evidence of identification it needs to be both the paper part as well as the photo card part, one is not sufficient in the absence of the other.
Verification of your origin of money is mandated in accordance with the Money Laundering Regulations. Please do not be offended when when this is requested of you as your conveyancing solicitor will need to have this information on file. Your Angmering conveyancing practitioner will require evidence of proof of funds prior to accepting any monies from you into their client account and they should also ask further queries regarding the origin of monies.
I'm buying my first flat in Angmering benefiting from help to buy. The sellers would not reduce the price so I negotiated £7000 of extras instead. The house builders rep advised me not to tell my solicitor about this deal as it could jeopardize my mortgage with the lender. Should I keep quiet?.
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.
Planning to complete next month on a garden flat in Angmering. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Angmering should include some of the following:
Defining your rights in respect of common areas in the block.E.G., does the lease contain a right of way over a path or staircase? What remedies are open the freeholder should you have contravened the provisions of the lease? Additions to the premises The total extent of the demise. This will be the flat itself but may incorporate a roof area or storage are if relevant. Whether your lease provides for a reserve fund?
I invested in buying a studio flat in Angmering, conveyancing having been completed October 2002. How much will my lease extension cost? Comparable properties in Angmering with over 90 years remaining are worth £222,000. The ground rent is £50 yearly. The lease expires on 21st October 2090
With just 71 years remaining on your lease we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.