Is the fact that my conveyancer in Cullercoats is not listed on my mortgage company's conveyancing panel that there is a problem with the standard of her work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Cullercoats conveyancing firm and enquire why they are no longer on the approved list for your bank.
In what way does my ID and proof of funds have anything to do with my conveyancing in Cullercoats? Is this really necessary?
Cullercoats conveyancing solicitors and indeed property lawyers accross the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).
Confirmation of the origin of monies is also necessary under the money laundering statutes as conveyancers are duty bound to investigate that the money you are using to purchase a property (be it the exchange deposit or the total purchase price if you are a cash purchaser) has originated from legitimate source (such as employment savings) and is not the proceeds of criminal behaviour.
We are downsizing from our house in Cullercoats and the buyers lawyers are claiming that there is a risk of it being built land that was not decontaminated. A high street Cullercoats conveyancer would know this is not the case. For the life of me I don't know why the purchasers used a national conveyancing firm as opposed to a conveyancing solicitor in Cullercoats. Having lived in Cullercoats for six years we know of no issue. Is it a good idea to contact our local Authority to get confirmation that the buyers are looking for.
It would appear that you have a conveyancing firm already. Are they able to advise? You need to 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 health insurance to cover that same sickness)
Just had an offer accepted on a new build apartment in Cullercoats. Conveyancing is necessary evil 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 is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Cullercoats
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There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. 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. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a simple, chain free conveyancing. Cullercoats is the location of the property. Is there any guidance you can give?
Flying freeholds in Cullercoats are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cullercoats you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cullercoats may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
We own a leasehold flat in Cullercoats. Conveyancing was finished in 2009. I have been told that I should not allow the lease length get too low. Why is that a problem?
Cullercoats residential long term leases are for a fixed term - normally ninety nine years when they started. However a significant flats in Cullercoats were constructed or converted in the 70’s80’s and so these leases now have under eighty years remaining. This may seem like plenty of time however Banks, Building Societies and other mortgage lenders tend to require leases to have a minimum of 75 years unexpired to adequate security. This means that when you come to sell the property you will need a lease extension if you are getting close to seventy five years. To increase your property value you should be thinking about whether to extend your lease long before you come to sell it. There are also strong financial reasons to taking action before the lease reaches even eighty years as when the lease is below 80 years the premium you have to pay to extend starts to escalate.