I am buying property in Coventry. My property lawyer has never been on on the lender solicitor list. Is it possible for me to continue with my Coventry conveyancing solicitor notwithstanding that they are excluded from the lender approved list?
One must appoint a conveyancing practitioner to complete the formalities if you take out a loan to purchase your property. They will carry out all the appropriate legal checks on the property, ensuring that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is dealt with. You may appoint a Coventry conveyancing practitioner of your choice. Nevertheless, where the lawyer appointed is not on the lender solicitor panel supplemental costs will be incurred as separate legal representation will be required by them. Conveyancing panel applications can be submitted, so where your lawyer has not previously applied for membership they should do so.
In what way does my ID and proof of funds have anything to do with my conveyancing in Coventry? Is this really necessary?
Coventry conveyancing solicitors and indeed property practitioners accross the UK have an obligation under money laundering regulations to verify the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).
Evidence of source of monies is also required under the money laundering statutes as conveyancers are required to check that the funds you are utilising to purchase a property (whether it be the deposit for exchange or the total purchase price where you are a cash purchaser) has originated from a reputable source (such as employment savings) rather than the fruits of criminal behaviour.
I am purchasing a garden flat in Coventry. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Coventry you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Coventry.
I am being told by my conveyancer that missing deeds insurance is needed on my purchase. What is the level of cover for Coventry conveyancing?
The right level of missing deeds indemnity insurance should be dictated by who who your lender is. It would differ for example between Barclays and The Royal Bank of Scotland. Conveyancing practitioners as opposed to members of the public take out such insurances.
We are getting the release of further monies on our mortgage from Barclays as we intend to carry out renovations to our property in Coventry. Do we need to appoint a high street Coventry solicitor on the Barclays conveyancing panel to handle the legals?
Barclays don't usually require a member of their approved list of lawyers 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 Barclays panel.
Two weeks ago we had a mortgage agreed in principle with UBS. Coventry conveyancing practitioners were selected. What is the average time that one could expect to receive a mortgage offer from UBS?
Some lenders take longer than others. Have UBS conducted the valuation? Have you advised UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am looking for a flat up to £305k and identified one round the corner in Coventry I like with open areas and transport links in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in Coventry for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage the shortness of the lease will likely be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
In what way can the Landlord & Tenant Act 1954 affect my business premises in Coventry and how can your lawyers assist?
The 1954 Act affords a safeguard to business leaseholders, giving them the dueness to make a request to court for a continuation of occupancy at the end of an expired lease. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing firms who use the act to your advantage and assist with commercial conveyancing in Coventry