Unfortunately I am unable to travel far from Madeley. I would like to know the understand why all Madeley property lawyers are not on all bank panels?

Banks ordinarily impose restrictions on either the type or volume of conveyancing firms on their approved list of lawyers. Frequent examples of such criteria being that the firm must have at least two partners. In addition to restricting the nature of firm, some building societies decided to restrict the size of their panel they permit to represent them. You should note that banks have no responsibility for the standard of advice provided by any Madeley solicitor on their approved list. Increases in mortgage fraud was the key driver in the reduction of conveyancing panels in the last decade notwithstanding that there are opposing assessments concerning whether solicitors sat at the center of that fraud. Statistics published by HMLR indicates that thousands of conveyancing firms only transact one or two conveyances annually. Those supporting conveyancing panel culls ask why law firms deserve any entitlement to be on a lender panel when it is evident that property law is not their speciality?

In what way does my ID and proof of funds have anything to do with my conveyancing in Madeley? Why is this being asked of me?

Madeley conveyancing solicitors and indeed property practitioners throughout the UK have a duty under money laundering regulations to verify the identity of any client in order to ensure that clients are who they say they are.

Conveyancing clients are required to supply two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and proof of address (usually a Bank Statement less than 3 months old).

Evidence of the origin of funds is also necessary in accordance with the money laundering regulations as lawyers are duty bound to check that the monies you are utilising to acquire a property (be it the exchange deposit or the full purchase monies where you are buying mortgage free) has come from legitimate source (such as employment savings) and is not the fruits of criminal activity.

How does conveyancing in Madeley differ for new build properties?

Most buyers of new build property in Madeley contact us having been asked by the developer to exchange contracts and commit to the purchase even before the property is ready to move into. This is because builders in Madeley typically buy the land, 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 property lawyers 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 Madeley or who has acted in the same development.

How does the Landlord & Tenant Act 1954 impact my business property in Madeley and how can your lawyers assist?

The particular law that you refer to affords security of tenure to commercial tenants, granting the legal entitlement to apply to court for a new lease and continue in occupation at the end of the lease term. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Madeley is one of the many locations in which the firms we work with are based

Can you provide any top tips for leasehold conveyancing in Madeley with the intention of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Madeley can be reduced where you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers.
The majority of landlords or Management Companies in Madeley charge for providing management packs for a leasehold home. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Madeley. A minority of Madeley leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. If you are supposed to have a share in the Management Company, you should make sure that you hold the original share document. Organising a duplicate share certificate is often a time consuming process and frustrates many a Madeley home move. If a duplicate share certificate is required, do contact the company director and secretary or managing agents (if relevant) for this sooner rather than later.

Madeley Leasehold Conveyancing - Examples of Questions you should ask before Purchasing

The majority of Madeley leasehold flats will have a service bill for maintenance of the block set by the management company. If you buy the property you will have to meet this charge, usually quarterly during the year. This may vary from two or three hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. There will also be a rentcharge for you to pay annual, ordinarily this is not a exorbitant figure, say about £25-£75 but you should to check it because sometimes it could be many hundreds of pounds. Generally speaking the outlay for major works are not included within service charges, albeit that some managing agents in Madeley ask leasehold owners to contribute towards a sinking fund created for the specific intention of building a fund for larger repairs or maintenance.