In what way does my ID and proof of funds have anything to do with my conveyancing in Blyth? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Blyth conveyancing firm will require proof of identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility bill showing your correct address.
Under Money Laundering Regulations, conveyancers are duty bound to investigate 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 may lead to your conveyancer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to make a disclosure to the appropriate authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
Is it the case that all Blyth solicitor practices on the Nationwide conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Nationwide approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Many banks do list licenced conveyancers on their panel in which case such practice would be governed by the CLC.
We previously appointed conveyancers located in Blyth on the UBS solicitor panel. They are now charging me a supplemental fee for the legal aspects of the UBS mortgage. Is this an additional conveyancing fee set by UBS?
Provided it is contained in their Terms of Engagement or estimate then yes your conveyancing practitioner can levy a fee for this. The fee is not dictated by UBS but by your Blyth lawyer. Numerous firms on the UBS panel will levy an ‘acting for lender’ fee but some practices include it on their overall fee.
Our offer on a semi in Blyth has been accepted, the owners do however have a tied purchase. The vendors have offered on somewhere, but it’s not yet tied up, and have viewings of other properties booked. I have selected a high street conveyancing solicitor in Blyth. What do I do now? When do I get the mortgage application with Clydesdale going?
It is understandable to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx £1k, then valuation, Blyth conveyancing search costs, etc). The first thing to do is check that your solicitor is on the Clydesdale conveyancing panel. Regarding the subsequent steps this very much depends on the circumstances of your transaction, attraction to the property and on the state of the market. During a buoyant market some buyers would apply for the mortgage with Clydesdale and pay for the valuation and only if it was satisfactory would they pay their conveyancing practitioner to move forward with searches.
How does conveyancing in Blyth differ for newly converted properties?
Most buyers of new build residence in Blyth approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is constructed. This is because house builders in Blyth usually purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Blyth or who has acted in the same development.
I have been on the look out for a flat up to £305k and identified one near me in Blyth I like with amenity areas and station nearby, however it only has 51 years on the lease. I can't really find anything else in Blyth for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan the remaining unexpired lease term will be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
We expect to complete the sale of our £375,000 maisonette in Blyth on Friday in a week. The freeholder has quoted £324 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Blyth?
Blyth conveyancing on leasehold apartments often involves the buyer’s solicitor submitting questions for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries most will be willing to do so. They may invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some situations it exceeds £800. The administration charge invoiced by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, otherwise the charge is not strictly payable. In reality you have no choice but to pay whatever is demanded if you want to sell the property.
Leasehold Conveyancing in Blyth - A selection of Queries Prior to Purchasing
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Best to be warned whether changing the roof or some other major work is coming up to be shared between the tenants and may well dramatically increase the the maintenance fees or necessitate a specific payment. Is the freehold reversion owned jointly by the tenants?
I am short of a 10% deposit on my house purchase in Blyth , but I still want to go ahead. Do I have options?
You can agree a lesser deposit. Most sellers will accept a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment