My partner and I are getting closer to an exchange on a flat in Claydon and my parents have transferred the 10% deposit to my property lawyer. I am now told that as the deposit has not come from me my conveyancing practitioner needs to disclose this to my bank. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I advised the bank about my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
Your property lawyer is legally required to clarify with mortgage company to make sure that they know that the balance of the purchase price is not from your own resources. The solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
What does my ID and proof of funds have anything to do with my conveyancing in Claydon? Is this really necessary?
To satisfy the Money Laundering Regulations any Claydon conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility account evidencing where you live.
In accordance with Money Laundering Regulations, conveyancers are duty bound to check not just the identity of conveyancing clients but also the origin of fund that they receive in respect of any matter. An unwillingness to disclose this may result in your conveyancer ending their relationship 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 relevant authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
Are the BSA intent on creating a search tool with a view to to identify solicitors on the Darlington Building Society conveyancing panel for instance in Claydon?
We would not expect to be advised of any plans on the part of the BSA to develop such a register.
I am buying a new build flat in Claydon. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Claydon
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. There must be mutual enforceability of lessee’s covenants. 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. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please confirm the Lease plans are architect prepared.
Do I need to be wary by estate agents that I am dealing with are recommending an online conveyancing firm as opposed to a High Street Claydon conveyancing company?
As with many service providers, often recommendations from connections can be worth their weight in gold. Yet there are lots of players in a conveyancing deal; estate agents, financial adviser and lenders might all recommend conveyancers to choose. Sometimes these solicitors might be known to one of the organisations as one of the best in their field, but sometimes there might be a commercial relationship behind the recommendation. You are free to choose your own lawyer. You need to be aware that some lenders operate an approved list of conveyancers you are obliged to use for the lender aspect of your house move.
Do you have any advice for leasehold conveyancing in Claydon from the perspective of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Claydon can be reduced where you appoint lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ conveyancers. If you are supposed to have a share in the Management Company, you should ensure that you hold the original share certificate. Organising a re-issued share certificate is often a time consuming formality and delays many a Claydon home move. Where a new share certificate is required, do contact the company director and secretary or managing agents (if applicable) for this sooner rather than later. A minority of Claydon leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unsettled. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as historic rather than unsettled. In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Claydon state that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord approving such works. If you dont have the approvals in place you should not communicate with the landlord without contacting your conveyancer in the first instance.
Claydon Leasehold Conveyancing - Sample of Questions you should ask Prior to Purchasing
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Are there any major works in the near future that will likely add a premium to the maintenance costs? For many Claydon leaseholds the cost for major works are not incorporated into the maintenance charges, although a few managing agents in Claydon ask leasehold owners to pay into a reserve fund created for the specific purpose of building a fund for major repairs or maintenance. Best to be warned whether changing the roof or some other significant cost is pending to be shared between the leasehold owners and will dramatically increase the the maintenance charges or result in a specific payment.