In what way does my ID and proof of funds have anything to do with my conveyancing in Frome? Is this really necessary?
Frome conveyancing solicitors and indeed property lawyers accross the UK have a duty under money laundering regulations to check 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 ID; proof of identity (usually a Passport or Driving Licence) and proof of address (usually a Bank Statement no older than three months).
Proof of source of monies is also required in compliance with the money laundering regulations as conveyancers are required to ensure that the monies you are using to acquire a property (be it the exchange deposit or the total purchase price where you are a cash purchaser) has originated from a reputable source (such as employment savings) as opposed to the fruits of criminal behaviour.
The Frome conveyancing lawyers that I recently instructed on my purchase in Frome have suddenly closed. I only went with them because I had to have a lawyer on the Bank of Ireland conveyancing panel and my family Frome lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What are my options?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Bank of Ireland conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
This question may be naive but I am new to the process as a 1st time purchaser of a ground floor flat in Frome. Do I collect the keys to the property on completion from my conveyancer? If this is the case, I will instruct a local conveyancing solicitor in Frome?
On the day of completion you will not be required to attend the conveyancers office in Frome. Conveyancing lawyers for you will electronically transfer the purchase money to the vendor’s solicitors, and once they have received this, you should be invited to collect the keys from the property Agents and move into your new home. Usually this happens early afternoon.
A relative informed me that in buying a property in Frome there could be various restrictions preventing external alterations to the property. Is this right?
We are aware of a number of properties in Frome which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Frome should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
When it comes to lenders such as TSB, do Frome conveyancers face a yearly amount to be on the conveyancing panel?
We are unaware of any lender fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
We are selling our home in Frome and according to the buyers it appears that there is a possibility that the property was built on contaminated land. Any local lawyer would know this is not the case. For the life of me I don't know why the buyers used a factory type conveyancing practice as opposed to a conveyancing solicitor in Frome. Having lived in Frome for many years we know of no issue. Is it a good idea to contact our local Authority to obtain clarification need.
It sounds as though you may have a conveyancing lawyer already. Are they able to advise? You must 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 ailment)
I'm purchasing my first flat in Frome with the aid of help to buy. The sellers would not budge the price so I negotiated five thousand pounds worth of extras instead. The house builders rep told me not reveal to my solicitor about this deal as it could affect my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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 recently realised that I have 68 years unexpired on my lease in Frome. I am keen to get lease extension but my freeholder is missing. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have used your best endeavours to locate the freeholder. In some cases a specialist should be useful to conduct investigations and to produce a report which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on devolving into the landlord’s absence and the application to the County Court overseeing Frome.
I am the registered owner of a 2 bed flat in Frome, conveyancing was carried out April 2007. How much will my lease extension cost? Comparable properties in Frome with over 90 years remaining are worth £260,000. The ground rent is £45 levied per year. The lease terminates on 21st October 2100
With only 74 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.