In what way does my ID and proof of funds have anything to do with my conveyancing in Frinton and Walton? Why is this being asked of me?
Frinton and Walton conveyancing solicitors and indeed property lawyers accross the UK have a duty under Anti-terror and anti-money-laundering rules 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 supply two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and evidence of address (usually a Bank Statement less than 3 months old).
Evidence of the origin of funds is also necessary in compliance with the money laundering regulations as lawyers are required to ensure that the funds you are using to acquire a property (whether it be the deposit for exchange or the full purchase monies where you are a cash purchaser) has originated from a reputable source (such as an inheritance) as opposed to the product of criminal activity.
We have agreed to purchase a house in Frinton and Walton. An unusual aspect is that the roof has a solar panel. RBS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with RBS your lawyer must follow the conveyancing requirements contained in Part 2 of UK Finance Lenders’ Handbook for RBS. The CML Handbook includes minimum conditions for solar panel roof-space leases, and solicitors are required to report to RBS where a lease fails to comply with these specifications. The provisions relate to the installation of panels on properties in England and Wales and is not isolated to Frinton and Walton.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Frinton and Walton bank branch on numerous occasions and was told they are content with the situation and they will lend. My Frinton and Walton conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend based on their published requirements. I have no idea who is right.
Provided that the conveyancing practitioner is on the mortgage company approved list, they must comply with the CML Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 left on the lease.
After shopping around on the internet I have found a Frinton and Walton property lawyer having checked that they are on the Coventry BS conveyancing panel. Does my lawyer arrange the survey of the property?
Coventry BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Coventry BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Frinton and Walton surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Various internet forums that I have come across warn that are the number one reason for delay in Frinton and Walton house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any slowing down conveyancing in Frinton and Walton.
My wife and I own a renovated Edwardian house in Frinton and Walton. Conveyancing solicitor acted for me and Virgin Money. I did a free Land Registry search last week and there are two entries: one for freehold, the second leasehold with the matching address. I'd like to know for sure, how can I find out??
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Frinton and Walton and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the position with your conveyancing lawyer who conducted the conveyancing.
I am purchasing a new build house in Frinton and Walton with a loan from Lloyds TSB Bank. The developers would not budge the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not disclose to my lawyer about this side-deal as it may impact my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a leasehold apartment up to £235,500 and identified one round the corner in Frinton and Walton I like with amenity areas and transport links nearby, however it's only got 61 years unexpired on the lease. There is not much else in Frinton and Walton suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan the remaining unexpired lease term will be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.