My wife and I are nearing an exchange on a property in Colne and my mum and dad have sent the 10% deposit to my solicitor. I am now told that as the deposit has been received from someone other than me my conveyancing practitioner needs to make a notification to my bank. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the lender regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your conveyancing practitioner 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 funds. The solicitor can only notify 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 Colne? Why is this being asked of me?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to check the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you are required to sign will no doubt confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you are unwilling to provide identification documents, your lawyer would not be able to act for you.
Me and my partner are buying a apartment in Colne. It might be a silly question but how we can trust a solicitor? At some point we have to deposit money into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We are getting a further advance on our mortgage from Kent Reliance as we intend to carry out renovations to our house in Colne. Do we need to choose a local Colne solicitor on the Kent Reliance conveyancing panel to deal with the legals?
Kent Reliance do not ordinarily appoint firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Kent Reliance list.
After much negotiation I have agreed a price on an apartment in Colne. My financial adviser pressured me to appoint their property lawyer. I paid an advanced payment of £225. Soon after, the conveyancing practitioner contacted me sheepishly admitting that they were not on the Kent Reliance conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Kent Reliance panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Colne. Conveyancing is necessary evil 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.
Here are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Colne
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Please supply a car parking plan. 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. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. 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.
Due to the advice of my in-laws I had a survey completed on a house in Colne ahead of appointing lawyers. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some mortgage companies tend not issue a mortgage on this type of home.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. Should you wish to telephone us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Colne. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Colne to see if the conveyancing costs will increase in light of this.
I am employed by a long established estate agency in Colne where we see a few leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Colne conveyancing firms. Can you shed some light as to whether the owner of a flat can commence the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I inherited a ground floor flat in Colne, conveyancing formalities finalised October 2009. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Colne with over 90 years remaining are worth £165,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2102
With only 77 years left to run we estimate the price of your lease extension to span between £7,600 and £8,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.