Me and my wife are purchasing a leasehold flat in Birchington. My lawyer has never been on on the bank conveyancing list. Am I still permitted to continue with my Birchington conveyancing solicitor even though they are excluded from the mortgage company panel of approved conveyancing solicitors?
Your options include
- Carry on with your chosen Birchington conveyancer but your mortgage company will need to instruct a solicitor on their approved panel. This will result in additional cost and potential interruption.
- Choose a new conveyancer to act in the purchase, obviously checking they are on the lender conveyancing panel.
- Convince your conveyancing practitioner to seek to join the bank panel
My partner and I are getting closer to an exchange on a property in Birchington and my parents have transferred the ten percent deposit to my conveyancer. I am now informed that as the deposit has not arrived from me my conveyancer needs to disclose this to my mortgage company. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
The solicitor is duty bound to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your lender if you permit them to, 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 Birchington? Is this really warranted?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to check the ID of the potential client they are dealing with prior to agreeing to accepting their conveyancing retainer. The Client Care letter that you need to sign should confirm this. Your lender will also require certain documents to be viewed. Where you refuse to provide ID verification documents, your conveyancer will not be able to take you on as a client.
Various online forums that I have come across warn that are the main cause of stalling in Birchington conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays in the conveyancing process. Searches are unlikely to be the root cause of holding up conveyancing in Birchington.
We're FTB’s - agreed a price, but the selling agent informed us that the owners will only issue a contract if we instruct the agent's preferred conveyancers as they want an ‘expedited deal’. My instinct tells me that we should use a local conveyancer who is accustomed to conveyancing in Birchington
We suspect that the owner is unaware of this ultimatum. Should the owner require ‘a quick sale', turning down a genuine buyer is likely to cause more damage than good. Avoid the agents and go straight to the owners and make the point that (a)you are serious purchasers (b)you are ready to progress, with mortgage lined up © you are chain free (d) you wish to move quickly (e)however you will continue to appoint your preferred Birchington conveyancing lawyers - rather thanthe ones that will give their negotiator at the agency a commission or hit his conveyancing figures demanded by HQ.
What makes a Birchington lease problematic?
Leasehold conveyancing in Birchington is not unique. Most leases are individual and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
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A provision for the recovery of money spent for the benefit of another party. A provision to repair to or maintain parts of the property
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, The Mortgage Works, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.
I own a 2 bed flat in Birchington, conveyancing formalities finalised in 1999. How much will my lease extension cost? Equivalent flats in Birchington with a long lease are worth £260,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ceases on 21st October 2099
With only 74 years unexpired we estimate the price of your lease extension to range between £8,600 and £9,800 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.