In what way does my ID and proof of funds have anything to do with my conveyancing in Euxton? What am I being asked for?
Euxton conveyancing solicitors as well as nationwide property practitioners accross the UK have an obligation under money laundering regulations to check the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and proof of address (usually a Utility Bill less than 3 months old).
Confirmation of source of monies is also necessary under the money laundering laws as conveyancers are duty bound to ensure that the funds you are utilising to buy a property (whether it be the deposit for exchange or the full purchase amount where you are buying without a mortgage) has come from an acceptable source (such as an inheritance) as opposed to the proceeds of criminal activity.
I have decided to exercise my right to buy my property in Euxton off the council. I have a mortgage offer with Nottingham. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nottingham, you will need to appoint a solicitor on the Nottingham conveyancing panel.
It is unclear whether my mortgage offer requires a lease extension. I have called into my local Euxton bank branch on various occasions and was told it wasn't an issue and they would lend. My Euxton conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they would not lend based on their published requirements. Who do I believe?
Provided that the lawyer is on the mortgage company approved list, she or he must follow the Council of Mortgage Lenders’ Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
About to purchase flat in Euxton. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Bank of Ireland conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Euxton property lawyer is on the Bank of Ireland conveyancing panel.
Will my conveyancer be asking questions about flooding as part of the conveyancing in Euxton.
Flooding is a growing risk for lawyers specialising in conveyancing in Euxton. Plenty of people will purchase a property in Euxton, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, but there are a numerous searches that may be undertaken by the purchaser or by their solicitors which should give them a better understanding of the risks in Euxton. The conventional set of completed inquiry forms given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the vendor to find out if the premises has ever been flooded. If the premises has been flooded in past and is not notified by the seller, then a purchaser may commence a claim for damages resulting from an incorrect response. The buyer’s lawyers will also carry out an enviro search. This should indicate if there is any known flood risk. If so, additional investigations should be initiated.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one near me in Euxton I like with amenity areas and transport links in the vicinity, however it's only got 61 remaining years left on the lease. There is not much else in Euxton for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
I am employed by a busy estate agent office in Euxton where we have witnessed a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Euxton conveyancing solicitors. Can you clarify whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
Euxton Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
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How many of the leaseholders are in arrears for their service charge payments? Make sure you investigate if there is anything that is prohibited in the lease. For instance plenty of leases prohibit pets being permitted in in a block in Euxton. If you love the apartmentin Euxton yet your dog can’t live with you then you will be presented with a difficult determination. How much is the service charge and ground rent on the apartment?
My husband and I are buying a four room flatin Euxton with a mortgage from a lender. We like our conveyancer in Euxton yet our mortgage company inform us now that she’s not approved on their "panel". Apparently we need to choose one of the our mortgage company panel firms or keep our Euxton solicitor and pay for one of their panel ones to represent our bank. This seems very unfair; Can we not simply insist that our mortgage company use our Euxton lawyer?
No, not really. The bank mortgage issued is subject to its terms and conditions, one of which will be that solicitors will on the bank's conveyancing panel. Until recently, most mortgage companies had large numbers of law firms on their panels, including most conveyancing solicitors in Euxton : a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for your bank.