My wife and I are purchasing an apartment in Dudley. My Solicitor has never been on on the mortgage company approved panel. Am I still permitted to continue with my Dudley conveyancing solicitor notwithstanding that they are not on the mortgage company panel of approved conveyancing solicitors?
You will need to use a conveyancer to deal with the legal work required if you require a loan to buy your home. They will carry out all the relevant due diligence on the property, make sure that you’re properly registered as the owner and ensure that all the required mortgage paperwork is dealt with. One can appoint a Dudley solicitor of your choice. Nevertheless, if the solicitor selected is not on the mortgage company conveyancing panel further charges will be incurred as separate legal representation will be required by them. Lender panel applications can be submitted, so provided your lawyer has not in the past applied for membership they should take the opportunity to apply.
In what way does my ID and proof of funds have anything to do with my conveyancing in Dudley? Why is this being asked of me?
Dudley conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement less than 3 months old).
Evidence of source of monies is also required in compliance with the money laundering regulations as conveyancers are required to ensure that the monies you are using to purchase a property (be it the exchange deposit or the full purchase price where you are a cash purchaser) has come from a reputable source (such as an inheritance) rather than the product of illegitimate behaviour.
I am about to put an offer on a leasehold flat in Dudley. The property agents assure me that it is the norm for flats in Dudley to have less than 75 years left on the lease. I am getting a mortgage with Accord Mortgages. Is this going to be acceptable if the lease has 72 years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 23/7/2024 the requirements read as follows :
How does conveyancing in Dudley differ for newly converted properties?
Most buyers of new build premises in Dudley approach us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Dudley typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Dudley or who has acted in the same development.
My husband and I may need to sub-let our Dudley garden flat temporarily due to a career opportunity. We used a Dudley conveyancing firm in 2002 but they have since shut and we did not have the foresight to get any guidance as to whether the lease allows us to sublet. How do we find out?
Even though your previous Dudley conveyancing solicitor is not available you can check your lease to check if you are permitted to let out the premises. The rule is that if the deeds are non-specific, subletting is allowed. There may be a precondition that you must seek consent from your landlord or other appropriate person before subletting. This means you not allowed to sublet without prior permission. The consent is not allowed to be unreasonably turned down. If your lease prohibits you from subletting the property you will need to ask your landlord for their consent.
I bought a ground floor flat in Dudley, conveyancing having been completed November 2007. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Dudley with over 90 years remaining are worth £171,000. The average or mid-range amount of ground rent is £50 levied per year. The lease expires on 21st October 2103
With only 79 years unexpired we estimate the price of your lease extension to span between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" 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 investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.