We are buying a 2 bedroom apartment in Boxmoor with a mortgage. We wish to retain our Boxmoor solicitor, but the bank advise she’s not on their "panel". We have to appoint one of the lender panel solicitors or retain our Boxmoor conveyancing practitioner as well as pay for one of their panel ones to represent them. We regard this is inequitable; are we not able to insist that the mortgage company use our Boxmoor conveyancing practitioner ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’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 Boxmoor conveyancing solicitor to apply to be on the conveyancing panel.
In what way does my ID and proof of funds have anything to do with my conveyancing in Boxmoor? Why is this being asked of me?
It is indeed that case that the requirement set out by your lawyer has nothing to do with conveyancing in Boxmoor. However these days you can not complete any conveyancing process in the absence handing over evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence and a council tax bill. Remember if you are supplying your driving licence as proof of ID it needs to be both the paper section as well as the photo card part, one is not acceptable in the absence of the other.
Proof of the origin of money is required under Money Laundering Regulations. Please do not be offended when you are asked to produce this as your conveyancer will need to have this information on record. Your Boxmoor conveyancing solicitor will need to see evidence of proof of funds prior to accepting any monies from you into their client account and they should also ask additional queries concerning the source of monies.
The Boxmoor conveyancing solicitors that I appointed last week on my house acquisition in Boxmoor have suddenly closed. I chose them because I needed a firm on the Santander conveyancing panel and my previous Boxmoor lawyer was not. I paid them 275 plus VAT in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Santander conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist.
My wife and I are downsizing from our house in Boxmoor and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. A local lawyer would know this is not the case. For the life of me I don't know why the buyers used a factory type conveyancing outfit as opposed to a conveyancing solicitor in Boxmoor. Having lived in Boxmoor for six years we know of no issue. Do we contact our local Authority to obtain confirmation that the buyers are looking for.
It would appear that you have a conveyancing firm currently acting for you. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
Just had an offer accepted on a new build flat in Boxmoor. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Boxmoor
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Forfeiture - bankruptcy or liquidation must not apply under this provision. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one near me in Boxmoor I like with a park and transport links nearby, the downside is that it only has 52 years on the lease. I can't really find anything else in Boxmoor for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.