In what way does my ID and proof of funds have anything to do with my conveyancing in Howden? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Howden 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 reside.
Under Money Laundering Regulations, conveyancing solicitors are obliged by law to investigate not simply the identity of conveyancing clients but also the origin of the money that they receive in respect of any matter. An unwillingness to disclose this will result in your lawyer cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to inform the relevant authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
I'm the single beneficiary of my late grandmother’s estate with all property in now in my sole name, including the my former home in Howden. The Howden property was put into my name in February. I want to move. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership will be treated the same way as if I'd bought the house in February. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. many lenders would take a practical view as this obligation primarily exists to identify subsales or the wholesaling and assigning of properties.
I am currently in the process of buying my council flat in Howden. I have a mortgage offer with Co-operative. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Co-operative, you will need to appoint a solicitor on the Co-operative conveyancing panel.
I can not work out if my bank requires a lease extension. I have telephoned my Howden bank branch on a couple of occasions and was informed it wasn't a problem and they would lend. My Howden conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
The solicitor must comply with the Council of Mortgage Lenders’ Handbook section two conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
My partner and I are planning on selling our house in Howden and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. A high street Howden lawyer would know that there is no such problem. It does beg the question why the buyers instructed an internet conveyancing outfit rather than a conveyancing solicitor in Howden. We have lived in Howden for 4 years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to seek confirmation need.
It would appear that you have a conveyancing firm currently acting for you. Are they able to advise? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I decided to have a survey done on a property in Howden ahead of retaining conveyancers. I have been told that there is a flying freehold aspect to the property. My surveyor has said that some mortgage companies tend not give a mortgage on this type of home.
It depends who your proposed lender is. Lloyds has different requirements from Birmingham Midshires. Should you wish to telephone us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Howden. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Howden to see if the conveyancing will be more expensive.
I am tempted by the attractive purchase price for a couple of flats in Howden which have approximately forty five years left on the leases. should I be concerned?
There are plenty of short leases in Howden. The lease is a right to use the property for a period of time. As a lease gets shorter the saleability of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena.
I bought a basement flat in Howden, conveyancing having been completed 9 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Howden with a long lease are worth £176,000. The average or mid-range amount of ground rent is £50 per annum. The lease ceases on 21st October 2103
With 80 years left to run we estimate the price of your lease extension to range between £7,600 and £8,800 as well as costs.
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 the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.