My wife and I are approaching an exchange on a flat in Leagrave and Chalton and my parents have transferred the ten percent deposit to my conveyancing practitioner. I am now advised that as the deposit has been sent from someone other than me my solicitor needs to disclose this to my mortgage company. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the bank regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The conveyancer is legally required to check with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
What does my ID and proof of funds have anything to do with my conveyancing in Leagrave and Chalton? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Leagrave and Chalton conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility account evidencing where you live.
Under Money Laundering Regulations, property lawyers are obliged by law to ascertain not only the identity of conveyancing clients but also the origin of monies that they receive in respect of any matter. An unwillingness to disclose this may result in your lawyer cancelling their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to notify the relevant authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
I used Arc property Solicitors several years past for my conveyancing in Leagrave and Chalton. I now require my file however the law firm is no longer operating. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Leagrave and Chalton of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Leagrave and Chalton differ for newly converted properties?
Most buyers of new build premises in Leagrave and Chalton come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because builders in Leagrave and Chalton usually buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Leagrave and Chalton or who has acted in the same development.
In relation to leasehold conveyancing in Leagrave and Chalton what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Leagrave and Chalton. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are wrong. The following missing provisions could result in a defective lease:
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Service charge per centages that don't add up correctly leaving a shortfall A provision to repair to or maintain elements of the property
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Skipton Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.
I inherited a split level flat in Leagrave and Chalton, conveyancing formalities finalised 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Leagrave and Chalton with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 levied per year. The lease finishes on 21st October 2077
With only 51 years remaining on your lease the likely cost is going to range between £30,400 and £35,200 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
Our conveyancer in Leagrave and Chalton has uncovered a defect with the lease for the property we are purchasing in Leagrave and Chalton. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer says that as he is on the mortgage company conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the lender?
Just because you have a mortgage offer from the mortgage company does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Leagrave and Chalton conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the lender are the client. The appropriate lender requirements must be adhered to by the mortgage company conveyancing panel who has to balance acting for you and the bank