My husband and I are intending to purchase a 2 bedroom apartment in Biddenham with a mortgage. We have a Biddenham solicitor, however the bank advise she’s not on their "panel". We have to appoint one of the lender panel conveyancing practices or continue with our Biddenham lawyer and pay for one of their panel ones to represent them. This feels very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’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. A further alternative is for your Biddenham conveyancing solicitor to apply to be on the conveyancing panel.
I have given 2 months notice to my existing landlord and must vacate my rented flat in Biddenham by the end of next month. Conveyancing on my purchase is progressing. Is it possible to complete in 4 weeks as I wish to avoid having to find short term accommodation?
It is unwise to provide notice for your letting unless you have exchanged. If you have not previously done so, speak to your solicitor and ask them to they chase the other side, try to an agreed time frame that everyone will aim to achieve
In what way does my ID and proof of funds have anything to do with my conveyancing in Biddenham? Is this really warranted?
To satisfy the Money Laundering Regulations any Biddenham conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill evidencing where you live.
Under Money Laundering Regulations, conveyancing solicitors are duty bound to validate not simply the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. An unwillingness to disclose this will result in your conveyancer cancelling their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to make a disclosure to the relevant authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
I am purchasing my first flat in Biddenham with a loan from Skipton Building Society. The sellers refused to reduce the price so I negotiated £7000 of extras instead. The house builders rep suggested that I not to tell my conveyancer about this deal as it could adversely affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I need to find a conveyancing solicitor for freehold conveyancing in Biddenham. I happened to land on a web site which appears to be the perfect solution If there is a chance to get all the legals completed via email that would be preferable. Do I need to be concerned? What should out be looking out for?
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?
I've recently bought a leasehold flat in Biddenham. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I own a garden flat in Biddenham, conveyancing having been completed 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Biddenham with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 per annum. The lease ceases on 21st October 2091
With just 66 years left to run we estimate the price of your lease extension to be between £12,400 and £14,200 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.