My partner and I are intent on acquiring a ground floor flat in Welling. My Solicitor is not on the bank approved panel. Is it possible for me to appoint my Welling conveyancing solicitor notwithstanding that they are not on the lender list of approved lawyers?
Your options include
- Proceed with your existing Welling conveyancing practitioner but your mortgage company will undoubtedly retain a property lawyer from their approved panel. This will result in additional charges and potential interruption.
- Choose a fresh property lawyer to conduct the conveyancing, making sure they are on the bank conveyancing panel.
- Convince your conveyancing practitioner to do everything within their powers to join the mortgage company conveyancing panel
What does my ID and proof of funds have anything to do with my conveyancing in Welling? Why is this being asked of me?
It is indeed that case that the requirement set out by your lawyer has nothing to do with conveyancing in Welling. Nowadays you can not proceed with any conveyancing transaction in the absence submitting evidence of your identity. This usually takes the form of a either your passport or driving licence as well as a bank statement. Please note that if you are supplying your driving licence as proof of identification it needs to be both the paper part as well as the photo card part, one is not sufficient in the absence of the other.
Evidence of the source of money is required in accordance with the Money Laundering Regulations. Please do not be offended when when this is requested of you as your conveyancing solicitor must have this information on file. Your Welling conveyancing solicitor will need to see evidence of proof of funds before they are able to accept any money from you into their client account and they will also ask additional queries concerning the origin of monies.
This question may be naive but I am unseasoned as a 1st time buyer of a garden flat in Welling. Do I receive the keys to the house on completion from my lawyer? If this is the case, I will find a local conveyancing solicitor in Welling?
On the day of completion you will not be required to attend the conveyancers office in Welling. Your solicitors will transfer the purchase money to the seller's solicitors, and shortly after the monies have arrived, you will be called to receive the keys from the selling Agents and start moving into the property. This tends to happen between 1 and 3pm.
We are aiming to move house in July. Should my conveyancing solicitor communicate with the removal company on the day of completion. Incidentally, can you suggest a removal company in Welling. Conveyancing solicitor was found before I stumbled across your page.
On the afternoon of completion you can collect the house keys from the estate agent however this can only be done once the previous owners conveyancers confirm to the agent that they have the completion monies and the keys can be handed over. You can tell the removal men that they can start moving you in. As a matter of policy we do not suggest a particular removal organisation but can help you choose a residential property solicitor in Welling or a solicitor that specialises in conveyancing in Welling.
Is it correct that all Welling CQS (Conveyancing Quality Scheme) solicitors are on the Coventry BS conveyancing list of approved firms?
It is true that some banks and building societies now use CQS as the kick off point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
How easy is it to use your search tool to locate a conveyancing solicitor in Welling on the approved list for my lender?
Step one is to choose a mortgage company such as Barclays , Leeds Building Society or Aldermore then type in your preferred area such as Welling. Conveyancing organisations in Welling and beyond will then be identified.
I am attracted to a two flats in Welling which have in the region of forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Welling is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of purchasers and lenders, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Welling conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a garden flat in Welling. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?
Most certainly. We are happy to put you in touch with a Welling conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Welling premises is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case was in relation to 1 flat.