What does my ID and proof of funds have anything to do with my conveyancing in East Preston? What am I being asked for?
To satisfy the Money Laundering Regulations any East Preston conveyancing firm will require proof of identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility account showing where you live.
In accordance with Money Laundering Regulations, conveyancing solicitors are duty bound to ascertain not just the identity of conveyancing clients but also the source of fund that they receive in respect of any matter. An unwillingness to disclose this may result in your lawyer terminating their relationship 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 appropriate authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.
Two weeks ago we had a mortgage agreed in principle with Kent Reliance. East Preston conveyancing lawyers have been chosen. How long does it take for Kent Reliance to forward the offer to the conveyancing practitioner?
Some lenders take longer than others. Have Kent Reliance done the survey? Have you informed Kent Reliance as to your lawyers' details and checked that your lawyers are on the Kent Reliance conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am buying a property in East Preston. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Skipton be concerned?
As your lender is Skipton your lawyer must follow the formal instructions set out in Part 2 of UK Finance Lenders’ Handbook for Skipton. The CML Handbook contains minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Skipton where a lease fails to comply with these conditions. The conditions relate to the installation of panels on properties in England and Wales and is not restricted to East Preston.
At last I have had an offer on an apartment in East Preston agreed to, the owners do however have an associated purchase. The owners have offered on on an apartment, however it’s not been accepted yet, and have viewings of other flats in the pipeline. I have chosen a high street conveyancing solicitor in East Preston. What do I do now? At what point should I apply for the mortgage with Lloyds?
It is understandable to have anxieties where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is in the region of one thousand pounds, then survey, East Preston conveyancing search costs, etc). The first course of action is to check that your property lawyer is on the Lloyds conveyancing panel. As to the subsequent steps this very much dictated by the uniqueness of your transaction, motivation for the property and on the state of the market. In a buoyant market some home buyers will apply for a home loan with Lloyds and pay for the valuation and only if it was satisfactory would they pay their solicitor to proceed with searches.
Will my conveyancer be asking questions about flooding as part of the conveyancing in East Preston.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in East Preston. Some people will purchase a house in East Preston, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, however there are a numerous searches that can be carried out by the buyer or on a buyer’s behalf which can give them a better appreciation of the risks in East Preston. The conventional set of information given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the owner to find out if the property has historically flooded. If the residence has been flooded in past and is not disclosed by the vendor, then a buyer may bring a compensation claim as a result of such an inaccurate answer. A purchaser’s lawyers may also carry out an enviro report. This will higlight if there is any known flood risk. If so, more detailed inquiries should be initiated.
I'm purchasing my first flat in East Preston with a loan from Lloyds TSB Bank. The developers would not move on the price so I negotiated 6k of fixtures and fittings instead. The house builders rep advised me not inform my lawyer about the extras as it would jeopardize my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
There are only Fifty years left on my flat in East Preston. I now want to get lease extension but my freeholder is absent. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to prove that you have used your best endeavours to track down the freeholder. In some cases an enquiry agent should be helpful to try and locate and prepare a report which can be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing East Preston.
I am the registered owner of a 2 bed flat in East Preston, conveyancing formalities finalised in 1995. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in East Preston with a long lease are worth £216,000. The ground rent is £50 levied per year. The lease ends on 21st October 2094
With only 69 years remaining on your lease the likely cost is going to range between £9,500 and £11,000 as well as 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 supply a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other 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 getting professional advice.