What does my ID and proof of funds have anything to do with my conveyancing in Birmingham? What am I being asked for?
Birmingham conveyancing solicitors and indeed property lawyers throughout the UK have a duty under Anti-terror and anti-money-laundering rules to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).
Proof of source of funds is also necessary in compliance with the money laundering regulations as lawyers are duty bound to check that the money you are utilising to purchase a property (whether it be the deposit for exchange or the total purchase amount where you are a cash purchaser) has come from a reputable source (such as employment savings) rather than the fruits of criminal activity.
I have a mortgage with Yorkshire BS for my property in Birmingham. Conveyancing was finalised 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Yorkshire BS?
You must advise Yorkshire BS in advance of letting out your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Yorkshire BS directly. It should not be necessary to do this via a Yorkshire BS conveyancing panel lawyer.
I am selling my house. I had a double glazing fitted in November 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Skipton are being pedantic. The Birmingham solicitor who is on the Skipton conveyancing panel is saying indemnity insurance will be fine but Skipton are insisting on a building regulation certificate. Why do Skipton have a conveyancing panel if they don't accept advice from them?
It is probably the case that Skipton have referred the matter to their valuer. The reason why Skipton may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Intending to buy a house in Birmingham. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Clydesdale conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Birmingham solicitor is on the Clydesdale conveyancing panel.
Should our solicitor be asking questions about flooding during the conveyancing in Birmingham.
Flooding is a growing risk for lawyers carrying out conveyancing in Birmingham. Plenty of people will purchase a property in Birmingham, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, however there are a number of searches that may be undertaken by the buyer or on a buyer’s behalf which can give them a better appreciation of the risks in Birmingham. The conventional set of completed inquiry forms given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the owner to determine whether the property has suffered from flooding. If the property has been flooded in past which is not notified by the owner, then a buyer may commence a compensation claim resulting from an incorrect response. A buyer’s solicitors should also commission an enviro report. This should disclose if there is a recorded flood risk. If so, additional investigations should be conducted.
I am buying my first flat in Birmingham with the aid of help to buy. The sellers refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The property agent advised me not inform my lawyer about the deal as it will adversely affect my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Is it simple use the search app to select a conveyancing solicitor in Birmingham on the authorised to act for my bank?
1st pick a lender such as Birmingham Midshires, Coventry Building Society or Nottingham Building Society then type in your preferred area such as Birmingham. Conveyancing organisations in Birmingham and beyond will then be listed.
What makes a Birmingham lease unmortgageable?
There is nothing unique about leasehold conveyancing in Birmingham. All leases are drafted differently and drafting errors can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:
-
A provision to repair to or maintain elements of the property
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Norwich and Peterborough Building Society, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.
I invested in buying a split level flat in Birmingham, conveyancing having been completed 7 years ago. 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 Birmingham with an extended lease are worth £206,000. The ground rent is £45 invoiced annually. The lease terminates on 21st October 2092
With just 66 years unexpired the likely cost is going to span between £12,400 and £14,200 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.