Me and my partner are buying a 1 bedroom apartment in Bedminster with a mortgage. We have a Bedminster lawyer, but the mortgage company says she’s not on their "panel". It seems we have no choice but to use one of the bank panel conveyancing practices or continue with our Bedminster conveyancing practitioner as well as pay for one of their panel lawyers to represent them. This feels very unfair; can we not insist that the lender use our Bedminster conveyancer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Bedminster conveyancing lawyer to apply to be on the conveyancing panel.
My Bedminster solicitor has uncovered an inconsistency between the information in the home valuation report and what is in the title deeds. My solicitor informs me that he is obliged to check that the lender is happy with this discrepancy and is still content to lend. Is my conveyancer’s approach appropriate?
Your conveyancer 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 you.
In what way does my ID and proof of funds have anything to do with my conveyancing in Bedminster? Is this really necessary?
Bedminster conveyancing solicitors and indeed property practitioners accross the UK have an obligation under Anti-terror and anti-money-laundering rules to check the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to produce 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 source of monies is also required under the money laundering regulations as conveyancers are required to ensure that the money you are utilising to buy a property (be it the exchange deposit or the total purchase amount where you are a cash purchaser) has come from an acceptable source (such as employment savings) rather than the fruits of criminal activity.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what was supposed to be a simple, no chain conveyancing. Bedminster is where the house is located. Can you shed any light on this issue?
Flying freeholds in Bedminster are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bedminster you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bedminster may decide 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 premises.
My partner has recommend that I appoint his lawyers for conveyancing in Bedminster. Do I follow his advice?
Much as we are happy to recommend a Bedminster conveyancing lawyer the best way to choose a conveyancing practitioner is to seek feedback from friends or family who have previously instructed the conveyancer you're considering.
I have just appointed agents to market my ground floor apartment in Bedminster. Conveyancing is yet to be initiated, however I have recently received a yearly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is pay the service charge as normal as all ground rent and service invoices should be allotted on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I inherited a 2 bed flat in Bedminster, conveyancing was carried out August 2001. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Bedminster with a long lease are worth £255,000. The ground rent is £45 yearly. The lease runs out on 21st October 2099
With 73 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
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 investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.