My wife and I are planning to purchase a house in Shirehampton and have appointed a Shirehampton conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Barnsley Building Society have this afternoon contacted us to advise us that they have now hit a problem as our Shirehampton conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Shirehampton lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am acquiring a property for cash in Shirehampton. I have been living for the last 20 years in Shirehampton. Conveyancing searches are expensive. Given that I have knowledge of the road and vicinity very well should I not bother getting the solicitor to do all the conveyancing searches?
Provided that you do not need a home loan, then almost all of the Shirehampton conveyancing searches are optional. Your conveyancer will try and steer you, no-doubt strongly, that you should have searches completed, but he is duty bound to do this. One thing to take into account; if you are likely to sell the house at a future date, it may be of relevance to your future purchaser what the searches contain. Sometimes houses with day to day issues can still reveal detrimental search results. A good conveyancing solicitor in Shirehampton should provide you some practical advice concerning this.
In what way does my ID and proof of funds have anything to do with my conveyancing in Shirehampton? Is this really warranted?
Shirehampton conveyancing solicitors as well as nationwide property lawyers throughout the UK have a duty under money laundering regulations 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 supply two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and evidence of address (usually a Utility Bill no more than three months).
Confirmation of the origin of funds is also required under the money laundering statutes as conveyancers are duty bound to investigate that the funds you are using to purchase a property (be it the exchange deposit or the total purchase amount where you are buying without a mortgage) has come from legitimate source (such as an inheritance) as opposed to the product of illegitimate activity.
I am looking for a flat up to £305k and identified one close by in Shirehampton I like with amenity areas and railway links in the vicinity, however it's only got 61 remaining years left on the lease. I can't really find anything else in Shirehampton suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage that many years will be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
As a leasehold owner I am on the hook for a service charge for my property in Shirehampton. Due to losing my job and other issues I fell into arrears with remittance. The managing agents agreed a settlement schedule but there is still two outstanding at the current time.
I am under pressure to sell and I am concerned this can hold me back if I have to settle the amount due now. I'd like to sell up and then discharge the arrears from the completion monies - is this achievable?
The solicitor dealing with your Shirehampton sale will hopefully be able to negotiate with the appropriate parties, with a new to seeing if they would accept payment out of the sale proceeds. Here is an example of why it is sensible to choose a property lawyer in Shirehampton as they may well have an established relationship with the parties.