The Shrewsbury conveyancing firm handling our Shrewsbury conveyancing has discovered a difference between the information in the valuation report and what is revealed within the title deeds. My lawyer has advised that he is obliged to ensure that the lender is OK with this discrepancy and is content to go ahead. Is my solicitor’s stance correct?
Your lawyer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
What does my ID and proof of funds have anything to do with my conveyancing in Shrewsbury? Why is this being asked of me?
Shrewsbury 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 ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and evidence of address (typically a Bank Statement no more than three months).
Evidence of source of monies is also necessary in accordance with the money laundering regulations as lawyers are mandated to investigate that the funds you are using to buy a property (whether it be the deposit for exchange or the total purchase amount if you are buying without a mortgage) has originated from a reputable source (such as an inheritance) rather than the fruits of illegitimate behaviour.
I am looking to buy a property and require a conveyancing solicitor in Shrewsbury who is on the Barclays Direct conveyancing. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Barclays Direct in certain locations such as Shrewsbury. We dont recommend any particular firm.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a quick, chain free conveyancing. Shrewsbury is the location of the property. Can you offer any assistance?
Flying freeholds in Shrewsbury are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Shrewsbury you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Shrewsbury may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Can you provide any advice for leasehold conveyancing in Shrewsbury from the point of view of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Shrewsbury can be reduced if you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers. You believe that you know the number of years remaining on your lease but it would be wise to double-check via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is below 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. Some Shrewsbury leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. If there is a history of conflict with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic as opposed to ongoing.
Shrewsbury Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to Purchasing
Are any of leasehold owners in arrears of their service charge payments? You will want to find out as much as you can concerning the company managing the building as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to daily matters such as the tidiness of the common parts. Ask other tenants what they think of them. Finally, investigate as to the dates that the service charges are due to the relevant party and specifically how they are spending that money. How much is the ground rent and service charge?