What does my ID and proof of funds have anything to do with my conveyancing in North Somerset? Why is this being asked of me?
North Somerset conveyancing solicitors and indeed property lawyers accross the UK have a duty under money laundering regulations to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and evidence of address (usually a Utility Bill less than 3 months old).
Proof of source of monies is also required in accordance with the money laundering regulations as conveyancers are obliged to ensure that the monies you are using to acquire a property (be it the exchange deposit or the total purchase monies if you are buying without a mortgage) has come from legitimate source (such as employment savings) rather than the fruits of criminal behaviour.
My grandfather passed away six months ago and as sole heir and executor I was left the house in North Somerset. The house had a small mortgage left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Barclays, pay off the mortgage. Is this possible?
Given you plan to re-mortgage then Barclays will insist on your using a conveyancer on the Barclays conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Barclays conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Barclays mortgage is registered as a charge at the Land Registry.
I happen to be the single recipient of my late grandmother’s estate with all property in now in my sole name, including the my former home in North Somerset. The North Somerset property was put into my name in August. I plan to dispose of the house. I do know about the Mortgage Lenders six month 'rule', meaning my proprietorship may be treated the same way as though I had purchased the property in August. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. many banks would take a sensible view as this requirement principally exists to identify the purchase and immediately sell or the wholesaling and assigning of property.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local North Somerset bank branch on numerous occasions and was told they are content with the situation and they will lend. My North Somerset conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they will not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the lawyer is on the bank approved list, she or he must adhere to the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I had an offer accepted on a house in North Somerset on 2/8/2022, valuation was booked 4 days after, received a clean bill of health. Solicitor instructed, so all that was missing was my mortgage offer. Having made daily calls to Principality and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Principality conveyancing panel. Are Principality entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Principality to deal with your lawyer's application to be on the Principality conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have been on the look out for a flat up to £245,000 and found one near me in North Somerset I like with a park and railway links in the vicinity, however it only has 51 years unexpired on the lease. I can't really find anything else in North Somerset suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage the shortness of the lease will likely be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
Should I be suspicious by brokers that I am dealing with are recommending a nationwide conveyancing firm rather than a High Street North Somerset conveyancing firm?
As with many service providers, often suggestions from relatives can be extremely useful or valuable. Yet there are many parties with a keen interest in a conveyancing matter; estate agents, mortgage brokers and mortgage companies may recommend conveyancers to retain. Sometimes the solicitors might be known to one of the organisations as experts in their field, but sometimes there is an underlying commercial relationship behind the endorsement. You have the right to appoint your own lawyer. Don't forget that the majority of mortgage providers have an approved list of law firms you have to use for the mortgage related work in your home move.