My lawyer has discovered a defect with the lease for the apartment we are buying in Ashton In Makerfield. The other side have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must check that the lender is happy with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
In what way does my ID and proof of funds have anything to do with my conveyancing in Ashton In Makerfield? Why is this being asked of me?
Ashton In Makerfield conveyancing solicitors as well as nationwide property lawyers accross the UK have an obligation 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 provide two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and proof of address (usually a Bank Statement no older than three months).
Evidence of source of monies is also necessary in compliance with the money laundering laws as solicitors are required to investigate that the money you are utilising to acquire a property (whether it be the deposit for exchange or the total purchase monies where you are a cash purchaser) has come from an acceptable source (such as employment savings) as opposed to the product of criminal activity.
A relative advised me that if I am buying in Ashton In Makerfield I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally included in the estimate for your Ashton In Makerfield conveyancing searches. It is not a small report of about 40 pages, listing and setting out significant information about Ashton In Makerfield around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Ashton In Makerfield Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Ashton In Makerfield Education with maps and statistics, Local Amenities and other useful information about Ashton In Makerfield.
How does conveyancing in Ashton In Makerfield differ for newly converted properties?
Most buyers of new build premises in Ashton In Makerfield come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Ashton In Makerfield typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Ashton In Makerfield or who has acted in the same development.
I opted to have a survey done on a property in Ashton In Makerfield in advance of retaining conveyancers. I have been told that there is a flying freehold overhang to the house. My surveyor advised that some mortgage companies tend refuse to give a mortgage on a flying freehold home.
It varies from the lender to lender. Santander has different instructions from Nationwide. Should you wish to call us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Ashton In Makerfield. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ashton In Makerfield to see if the conveyancing will be more expensive.
I need to instruct a conveyancing solicitor for leasehold conveyancing in Ashton In Makerfield. I've chance upon a site which looks to be the perfect solution If there is a chance to get all formalities done via email that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?