What does my ID and proof of funds have anything to do with my conveyancing in Midhurst? What am I being asked for?
You are right in these requests have nothing to do with conveyancing in Midhurst. However these days you will not be able to proceed with any conveyancing process if you have not submitting proof of your identity. This usually takes the form of a either your passport or driving licence and a council tax bill. Remember if you are providing your driving licence as evidence of ID it needs to be both the paper part and photo card part, one is not sufficient without the other.
Evidence of your source of money is required in accordance with the Money Laundering Regulations. Don’t be offended when when this is requested of you as your conveyancer must have this information on record. Your Midhurst conveyancing lawyer will need to see evidence of proof of funds prior to accepting any funds from you into their client account and they will also ask further queries concerning the source of monies.
The Midhurst conveyancing lawyers that I recently instructed on my house acquisition in Midhurst have without warning closed. They were on acting for me because I needed a lawyer on the Clydesdale conveyancing panel and my family Midhurst lawyer was not. I wrote them a cheque for two hundred pounds in advance. What are my options?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Clydesdale conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
I'm the only beneficiary of my late mum's will with all property in now in my sole name, including the my former home in Midhurst. The Midhurst property was put into my name in January. I want to move. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership will be regarded the same way as though I had purchased the house in January. Is the property unsalable for six months?
The CML handbook obliges solicitors 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. Most lenders would take a practical view as this requirement is chiefly there to identify the purchase and immediately sell or the wholesaling and assigning of property.
We expect to receive a DIP from HSBC this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do HSBC recommend any Midhurst solicitors on the HSBC conveyancing panel, or is it better to go independently?
You will need to appoint Midhurst solicitors independently although you'll need to choose one on the HSBC conveyancing panel. The solicitor represents both you and HSBC through the process.
I currently have a mortgage with Nationwide for my property in Midhurst. Conveyancing has been completed a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nationwide?
Nationwide must be informed of your intention in advance of renting your property as this is likely to be a breach of Nationwide’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nationwide directly. You need not do this via a Nationwide conveyancing panel firm.
I decided to have a survey completed on a house in Midhurst ahead of instructing conveyancers. I have been informed that there is a flying freehold aspect to the house. My surveyor advised that some lenders may refuse to give a mortgage on such a property.
It depends who your proposed lender is. Santander has different instructions for example to Halifax. If you contact us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Midhurst. Conveyancing may be slightly more expensive based on your lender's requirements.
Having checked my lease I have discovered that there are only Sixty One years unexpired on my lease in Midhurst. I need to get lease extension 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 prove that you or your lawyers have used your best endeavours to track down the landlord. For most situations an enquiry agent should be helpful to conduct investigations and prepare an expert document to be used as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to proving the landlord’s disappearance and the application to the County Court covering Midhurst.
I inherited a 2 bed flat in Midhurst, conveyancing having been completed in 2007. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Midhurst with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease expires on 21st October 2071
You have 52 years unexpired the likely cost is going to span between £29,500 and £34,000 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.