Me and my partner are purchasing a 1 bedroom flat in Cockermouth with a mortgage. We have a Cockermouth solicitor, however the lender says she’s not on their "panel". We have to appoint one of the lender panel firms or keep our Cockermouth solicitor as well as pay for one of their panel firms to act for them. This feels very unfair; can we not demand that the lender use our Cockermouth property lawyer ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Cockermouth conveyancing solicitor to apply to be on the conveyancing panel.
What does my ID and proof of funds have anything to do with my conveyancing in Cockermouth? What am I being asked for?
In order to comply with Money Laundering Regulations any Cockermouth conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility account evidencing your correct address.
In accordance with Money Laundering Regulations, property lawyers are required to validate not only the ID of conveyancing clients but also the origin of fund that they receive in respect of any matter. An unwillingness to disclose this may result in your conveyancer ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to make a disclosure to the appropriate authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
I have paid off my mortgage with Co-operative. I assume I don't need a Cockermouth conveyancer on the Co-operative panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Co-operative mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Co-operative mortgage from the register. Co-operative, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
I currently have a mortgage with Barclays for my property in Cockermouth. Conveyancing has been completed some time ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Barclays?
Barclays must be informed of your intention in advance of letting out your property as this is likely to be a breach of Barclays’s mortgage conditions. It may be that Barclays will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Barclays directly. You need not do this via a Barclays conveyancing panel lawyer.
My offer was accepted on a house in Cockermouth on 4/12/2020, valuation was booked 4 days after, received a clean bill of health. Conveyancer appointed, so the only thing outstanding was my mortgage offer. Having made daily calls to Leeds Building Society and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Leeds Building Society conveyancing panel. Can the lender hold off the offer?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
I require fast conveyancing in Cockermouth as I am faced with a deadline to exchange contracts in less than one month. A mortgage is not required. Can I escape the need for conveyancing searches to save fees and time?
If.Given you are not taking a home loan you have the choice not to have searches carried out although no conveyancer would advise that you don't. Drawing on our experience of conveyancing in Cockermouth the following are examples of what can be revealed and therefore impact future mortgageability: Enforcement Actions, Outstanding Charges, Outstanding Grants, Unadopted Roads,...
Do you have any advice for leasehold conveyancing in Cockermouth with the aim of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Cockermouth can be reduced if you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ representatives. You may think that you are aware of the number of years remaining on your lease but you should verify this via your conveyancers. A buyer’s lawyer will not be happy to advise their client to where the lease term is under 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Cockermouth state that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord approving such changes. Should you dont have the approvals in place you should not communicate with the landlord without checking with your lawyer first. If you hold a share in a the Management Company, you should ensure that you are holding the original share certificate. Organising a new share certificate can be a time consuming formality and delays many a Cockermouth home move. If a new share certificate is necessary, do contact the company director and secretary or managing agents (if applicable) for this as soon as possible.
I bought a studio flat in Cockermouth, conveyancing was carried out April 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Cockermouth with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease expires on 21st October 2088
With just 67 years unexpired the likely cost is going to be between £10,500 and £12,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.