I am obtaining a mortgage with Santander. I intend to use a Licensed Conveyancer in Axbridge. Does the Santander Conveyancing panel allow for conveyancers regulated by the CLC?
The Santander conveyancing panel is, like many other lenders, represented by the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
We are approaching an exchange on a house in Axbridge and my parents have transferred the ten percent deposit to my property lawyer. I am now informed that as the deposit has not come from me my conveyancing practitioner needs to make a notification to my bank. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I informed the lender concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?
Your conveyancing practitioner is obliged to check with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your lender if you agree, failing which, your lawyer must cease to continue acting.
What does my ID and proof of funds have anything to do with my conveyancing in Axbridge? What am I being asked for?
Axbridge conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation 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 provide two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and proof of address (usually a Utility Bill no more than three months).
Proof of the origin of funds is also required under the money laundering laws as lawyers are obliged to ensure that the money you are utilising to acquire a property (be it the exchange deposit or the total purchase monies if you are a cash purchaser) has come from a reputable source (such as employment savings) rather than the product of criminal activity.
We're in Axbridge, First time buyers buying with a mortgage (lender is UBS , and our solicitor is on the UBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the UBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Have completed on a a terraced house in Axbridge , how long should it take for the Land Registry to deal with the formalities evidencing my ownership? My Axbridge conveyancing solicitor works at snail pace, so I want to be certain the registration is dealt with.
As far as conveyancing in Axbridge is concerned, registration is no faster or slower than anywhere else in the country. Rather than based on location, timeframes can differ according to who lodges the application, whether it is in order and if the Land registry must send notices to any interested parties. Currently approximately 80% of submission are fully dealt with within two weeks but occasionally there can be extensive delays. Historically registration is effected once the new owner is living at the premises thus registration formalities is not typically primary concern yet where it is urgent that the the registration takes place urgently then you or your conveyancer can speak with the land registry and explain the circumstances.
Having checked my lease I have discovered that there are only 62 years remaining on my flat in Axbridge. I am keen to extend my lease but my freeholder is missing. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to demonstrate that you have used your best endeavours to track down the lessor. On the whole an enquiry agent should be useful to carry out a search and prepare a report to be used as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Axbridge.
I inherited a garden flat in Axbridge, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Axbridge with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £45 per annum. The lease finishes on 21st October 2100
With only 74 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.