My lawyer has uncovered a a problem with the lease for the flat we are purchasing in Lancaster. The other side have suggested defective title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer has advised that he must check that the bank is happy with this solution. Are we the client or is the mortgage company ?
Regardless of the fact that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the mortgage company are the client. These conveyancing instructions have to be complied with.
What does my ID and proof of funds have anything to do with my conveyancing in Lancaster? Why is this being asked of me?
Lancaster conveyancing solicitors as well as nationwide property lawyers accross the UK have a duty under Anti-terror and anti-money-laundering rules to verify the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to produce 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 the origin of funds is also required under the money laundering laws as solicitors have a duty to investigate that the money you are utilising to buy a property (be it the exchange deposit or the total purchase price where you are a cash purchaser) has originated from a reputable source (such as an inheritance) rather than the product of criminal activity.
I am purchasing a new build house in Lancaster benefiting from help to buy. The builders refused to move on the price so I negotiated five thousand pounds worth of extras instead. The estate agent told me not disclose to my lawyer about the deal as it will jeopardize my loan with Norwich and Peterborough Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
As co-executor for the estate of my aunt I am selling a house in Monmouth but live in Lancaster. My solicitor (who is 260 miles awayrequires that I execute a stat dec ahead of the transaction finalising. Could you suggest a conveyancing practitioner in Lancaster who can attest this legal document for me?
strictly speaking you are not likely to need to have the documents attested by a conveyancing solicitor. Normally any notary public or solicitor will do regardless of whether they are located in Lancaster
I only have Sixty One years unexpired on my flat in Lancaster. I now wish to extend my lease but my freeholder is missing. What should I do?
If you qualify, 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 granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to locate the lessor. On the whole a specialist may be helpful to try and locate and to produce an expert document which can be used as evidence that the landlord can not be located. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the vesting order request to the County Court covering Lancaster.
I bought a ground floor flat in Lancaster, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Lancaster with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 per annum. The lease runs out on 21st October 2089
With only 70 years left to run the likely cost is going to be between £9,500 and £11,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.