My partner and I are buying a newly constructed duplex in Castle Bromwich and my lawyer is informing me that she is duty bound to the mortgage company to disclose incentives from the builder. The Estate Agents are hassling me to sign contracts and my preference is not to delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What does my ID and proof of funds have anything to do with my conveyancing in Castle Bromwich? Is this really warranted?
Castle Bromwich conveyancing solicitors as well as nationwide property lawyers accross the UK have a duty under Anti-terror and anti-money-laundering rules to check the identity of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and evidence of address (usually a Utility Bill less than 3 months old).
Confirmation of source of monies is also necessary in accordance with the money laundering laws as conveyancers have a duty to check that the money you are utilising to purchase a property (be it the exchange deposit or the total purchase amount where you are a cash purchaser) has originated from legitimate source (such as an inheritance) and is not the product of criminal activity.
Due to the guidance of my in-laws I had a survey completed on a house in Castle Bromwich in advance of instructing conveyancers. I have been told that there is a flying freehold element to the house. The surveyor advised that some banks may not issue a loan on this type of house.
It depends who your proposed lender is. Lloyds has different requirements from Halifax. If you contact us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Castle Bromwich. Conveyancing may be slightly more expensive based on your lender's requirements.
What tools are available to identify a Castle Bromwich law firm on the Norwich and Peterborough Building Society conveyancing panel? I have wheels and am happy to travel upto 25kilometers to meet the lawyer.
You can use the tool on this page. Please select a mortgage company and your location and you will see a number of Castle Bromwich conveyancing lawyers based on proximity. We have detailed some Castle Bromwich conveyancing firms towards the end of this page and you can ring them to see if they are on the Norwich and Peterborough Building Society approved list
I have just started marketing my 2 bed apartment in Castle Bromwich. Conveyancing lawyers have not yet been instructed, however I have just had a half-yearly service charge invoice – should I leave it to the buyer to sort out?
It best that you discharge the service charge as normal because all rents and maintenance invoices will be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Castle Bromwich Leasehold Conveyancing - Sample of Questions you should ask Prior to buying
Most Castle Bromwich leasehold properties will incur a service charge for the upkeep of the building invoiced by the management company. Should you buy the apartment you will have to meet this charge, normally in instalments during the year. This could vary from a few hundred pounds to thousands of pounds for blocks with lifts and large communal areas. There will also be a ground rent to be met annual, normally this is not a significant figure, say about £50-£100 but you need to enquire as occasionally it could be prohibitively expensive. The prefered form of lease structure is if the freehold title is in the ownership of the leaseholders. In this scenario the tenants enjoy being in charge if their destiny and although a managing agent is frequently retained where the building is larger than a house conversion, the managing agent is directed by the tenants. Please note that where the lease has fewer than eighty years it will affect the marketability of the flat. It is worth checking with your bank that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will probably have to extend the lease at some point and you need to have some idea of how much this will be. For most Castle Bromwichlease extensions you would need to own the premises for a couple of years in order to be eligible to extend the lease.