I have given 8 weeks notice to my existing landlord and have to leave my let out property in Bodmin by the end of next month. Conveyancing for my house purchase has just started. Is it possible to complete in six weeks as don't want to have to find short term accommodation?
Generally one should not provide notice on a rental unless exchange of contracts has taken place. Assuming that you have not already done so, contact to your lawyer and request that they seek the assistance the sellers lawyers, try to get a realistic time scale from them that all parties will aim towards
What does my ID and proof of funds have anything to do with my conveyancing in Bodmin? Is this really warranted?
You are right in the requirement set out by your solicitor has nothing to do with conveyancing in Bodmin. However these days you will not be able to proceed with any conveyancing deal without first providing proof of your identity. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as proof of identification it must be both the paper element as well as the photo card part, one is not sufficient in the absence of the other.
Proof of the origin of funds is required in accordance with the Money Laundering Regulations. Don’t be offended when you are asked to produce this as your lawyer will need to have this information on record. Your Bodmin conveyancing practitioner will require evidence of proof of funds before they are able to accept any money from you into their client account and they will also ask additional queries concerning the source of monies.
We previously instructed conveyancing lawyers based in Bodmin on the Nationwide solicitor approved list. They are now charging me an additional charge for handling the Nationwide mortgage. Is this a supplemental conveyancing fee set by Nationwide?
Provided it is contained in their Terms and Conditions or Quote then yes your conveyancer is entitled to charge a fee for this. This charge is not dictated by Nationwide but by your Bodmin solicitor. Plenty of firms on the Nationwide panel will quote ’dealing with mortgage’ fee and others do not.
I am purchasing a property in Bodmin. One unusual aspect is that the roof has a solar panel. HSBC have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is HSBC your lawyer must follow the conveyancing requirements outlined in Section 2 of UK Finance Lenders’ Handbook for HSBC. The Council of Mortgage Lenders’ Handbook includes minimum specifications for solar panel roof-space leases, and conveyancing practitioners are required to report to HSBC where a lease does not meet these specifications. The conditions relate to the installation of panels on properties countrywide and is not restricted to Bodmin.
It is not clear whether my bank requires a lease extension. I have called into my local Bodmin bank branch on a couple of occasions and was told they are content with the situation and they will lend. My Bodmin conveyancing solicitor - who is on the lender conveyancing panel- called and was told they would not lend based on their specific requirements. I have no idea who is right.
Provided that the conveyancing practitioner is on the lender panel, they must adhere to the CML Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I require fast conveyancing in Bodmin as I have a deadline to exchange contracts in less than one month. Luckily I do not need a mortgage. Is it possible to avoid the conveyancing searches to save money and time?
As you are are a cash buyer you have the choice not to have searches conducted although no solicitor would recommend that you don't. Drawing on years of experience of conveyancing in Bodmin the following are examples of issues that can appear and adversely impact the marketability of the property: Enforcement Actions, Overdue Fees, Overdue Grants, Unadopted Roads,...
five months have gone by since my purchase conveyancing in Bodmin completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
We own a leasehold flat in Bodmin. Conveyancing was finalised in 2010. I have been told that I mustn’t allow the lease length get too low. Why is that a problem?
Bodmin leasehold properties are for a fixed period - usually 99 years when they commenced. However a significant flats in Bodmin were built or converted in the 70’s80’s and so such leases now have under 80 years unexpired. That may sound like a long time however Banks, Building Societies and other mortgage institutions generally need leases to have at least 75 years remaining to be mortgageable. This means that when you come to sell the property you will need a lease extension if you are approaching seventy five years. To maximise the marketability of your property you should be thinking about whether to extend your lease long before you come to sell it. Furthermore advantages to taking action before the lease reaches even eighty years as when the lease is less than 80 years the premium to be paid to extend starts to escalate.