Our Buxton conveyancer has identified a difference between the information in the home valuation survey and what is in the title deeds. My solicitor informs me that he must check that the lender is OK with this discrepancy and is content to go ahead. Is my lawyer’s stance right?
Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
In what way does my ID and proof of funds have anything to do with my conveyancing in Buxton? Is this really necessary?
To satisfy the Money Laundering Regulations any Buxton conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill evidencing your correct address.
Under Money Laundering Regulations, property lawyers are required to validate not just the ID of conveyancing clients but also the origin of the money that they receive in respect of any matter. An unwillingness to disclose this may lead to your conveyancer ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to make a disclosure to the relevant authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
Do the Building Society Association intend to launch a online directory to list practices on the Melton Mowbray Building Society conveyancing panel for example in Buxton?
We have not been informed any intention on the part of the BSA to promote such a register.
Can you point me to a directory of Lloyds panel conveyancers in Buxton on the Building Society Association’s Website?
Unfortunately not yet. There is no such tool on the CML or Building Society Association websites. A small selection of mortgage companies make their panel listings viewable over the internet. Where you are in need of a Buxton conveyancer on the Lloyds please use our facility.
We have a mortgage agreed in principle with Coventry BS. Buxton conveyancing practitioners were instructed. What is the average time that one could expect to receive a mortgage offer from Coventry BS?
Some lenders take longer than others. Have Coventry BS conducted the valuation? Have you informed Coventry BS as to your lawyers' details and checked that your lawyers are on the Coventry BS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am selling my house. I had a double glazing fitted in March 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Co-operative are being difficult. The Buxton solicitor who is on the Co-operative conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Co-operative are insisting on a building regulation certificate. Why do Co-operative have a conveyancing panel if they don't accept advice from them?
It is probably the case that Co-operative have referred the matter to their valuer. The reason why Co-operative may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I am employed by a reputable estate agent office in Buxton where we have experienced a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Buxton conveyancing solicitors. Can you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. 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 sale.
An alternative approach is to agree the lease extension with the freeholder 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 buyer.
I own a 1 bedroom flat in Buxton, conveyancing having been completed in 2003. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Buxton with an extended lease are worth £171,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease ceases on 21st October 2097
With 79 years left to run we estimate the premium for your lease extension to be between £7,600 and £8,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.