In what way does my ID and proof of funds have anything to do with my conveyancing in Low Fell? What am I being asked for?
Low Fell conveyancing solicitors as well as nationwide property practitioners throughout the UK have a duty under Anti-terror and anti-money-laundering rules to check the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement less than 3 months old).
Evidence of the origin of monies is also necessary under the money laundering laws as solicitors are duty bound to check that the monies you are utilising to buy a property (be it the exchange deposit or the total purchase monies if you are a cash purchaser) has come from legitimate source (such as employment savings) as opposed to the fruits of illegitimate behaviour.
I happen to be the only recipient of my late father’s will with all property in now in my sole name, including the my former home in Low Fell. Conveyancing formalities meant that the Land Registry date was in December. I now wish to sell up. I understand that there is a CML 6 month 'rule', meaning my property ownership could be regarded the same way as if I'd bought the property in December. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. Some mortgage companies would take a practical view as this provision is chiefly there to capture the purchase and immediately sell or the wholesaling and assigning of properties.
How can we know in advance if a Low Fell conveyancing solicitor on the Nationwide panel is any good?
When it comes to conveyancing in Low Fell getting recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advocate that you speak with the lawyer handling your conveyancing.
The mortgage over my property is with Santander for my property in Low Fell. Conveyancing was finalised a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Santander?
You must advise Santander in advance of letting out your property as this is likely to be a breach of Santander’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Santander directly. You need not do this via a Santander conveyancing panel firm.
I'm purchasing a new build house in Low Fell benefiting from help to buy. The sellers would not budge the price so I negotiated five thousand pounds worth of extras instead. The property agent told me not reveal to my lawyer about this side-deal as it could adversely affect my loan with Coventry Building Society. Is this normal?.
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.
Due to the guidance of my in-laws I had a survey completed on a house in Low Fell prior to instructing lawyers. I have been advised that there is a flying freehold aspect to the house. My surveyor has said that some banks will not give a loan on this type of property.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. If you contact us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Low Fell. Conveyancing may be slightly more expensive based on your lender's requirements.
As co-executor for the estate of my grandmother I am disposing of a property in Neath but reside in Low Fell. My solicitor (approximately 200 miles from meneeds me to execute a statutory declaration prior to the transaction finalising. Could you suggest a conveyancing practitioner in Low Fell to witness this legal document for me?
strictly speaking you are not likely to be required to have the documents attested by a conveyancing solicitor. Normally or notary public or qualified solicitor will be fine regardless of whether they are Low Fell based
I am employed by a busy estate agency in Low Fell where we have experienced a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Low Fell conveyancing solicitors. Please can you confirm whether the owner of a flat can initiate the lease extension process for the buyer?
Provided that 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 has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible 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 purchaser.
I acquired a 2 bed flat in Low Fell, conveyancing having been completed 3 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Low Fell with over 90 years remaining are worth £197,000. The ground rent is £55 per annum. The lease finishes on 21st October 2080
With 55 years unexpired we estimate the price of your lease extension to be between £31,400 and £36,200 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.