My husband and I are purchasing a brand new apartment in Craven Arms and my lawyer is telling me that she is duty bound to the mortgage company to reveal incentives from the builder. I am on a tight deadline to sign contracts and my preference is not to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
In what way does my ID and proof of funds have anything to do with my conveyancing in Craven Arms? Is this really necessary?
In order to comply with Money Laundering Regulations any Craven Arms conveyancing firm will require proof of identity in all conveyancing transactions. This is usually satisfied by provision of a passport and an original bank statement or utility bill evidencing where you reside.
Under Money Laundering Regulations, conveyancing solicitors are required to check not only the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. An unwillingness to disclose this may lead to your lawyer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to notify the appropriate authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
My bid for a property was accepted at auction in Craven Arms. Conveyancing is needed. What are my next steps?
Given that you have now for in every practical sense signed on the dotted line you should appoint a conveyancing solicitor as a matter of urgency as you are faced with a tight a fixed date to complete the conveyancing. All auction property will ordinarily have a corresponding auction set of papers. This should include the copy title deeds, local authority and drainage searches. In the case of leasehold property the conveyancing papers should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to a leasehold property. You must give this to the conveyancer instructed by you at the earliest opportunity. Do make sure that you have funds organised to complete on the on the contractual date .
is it true that all Craven Arms solicitor firms on the RBS conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the RBS approved list of solicitors they would need to be overseen by the SRA. The majority of banks do allow licenced conveyancers on their panel and in such a situation the practice would be overseen by the CLC.
After shopping around on the internet I have found a Craven Arms property lawyer having made sure that they are on the Nottingham conveyancing panel. Does my lawyer arrange the survey of the property?
Nottingham will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nottingham will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Craven Arms surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
What can a local search inform me concerning the house my wife and I purchasing in Craven Arms?
Craven Arms conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search organisations such as Xpress Legal The local search is essential in every Craven Arms conveyancing purchase; as long as you wish to avoid any nasty once you have moved into your new home. The search will reveal information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one round the corner in Craven Arms I like with a park and transport links nearby, however it only has 52 years on the lease. There is not much else in Craven Arms suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the shortness of the lease will likely be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.