My fiance and I are hoping to buy a property in Broseley and have instructed a Broseley conveyancing firm. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Platform Home Loans Ltd have this morning contacted us to inform me that there is now an issue as our Broseley conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is standard for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Broseley lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
What does my ID and proof of funds have anything to do with my conveyancing in Broseley? Is this really necessary?
To satisfy the Money Laundering Regulations any Broseley conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility bill showing where you reside.
Under Money Laundering Regulations, conveyancing solicitors are obliged by law to investigate not simply the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. Refusal to disclose this will result in your lawyer ending 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 Money Laundering Regulations.
Do the Building Society Association intend to launch a online directory to to identify firms on the Norwich and Peterborough Building Society conveyancing panel for example in Broseley?
We would not expect to be advised of any intention on the part of the BSA to develop such a register.
I am buying a new build flat in Broseley. Conveyancing is a frightening process 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 conveyancing.
Set out below are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Broseley
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? 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. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Please supply a car parking plan. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
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I am on look out for some leasehold conveyancing in Broseley. Before I set the wheels in motion I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Broseley - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I acquired a 2 bed flat in Broseley, conveyancing having been completed February 2007. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Broseley with a long lease are worth £216,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2093
With 68 years left to run the likely cost is going to be between £9,500 and £11,000 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.