I am acquiring a ground floor flat in Netherley. My lawyer has never been on on the lender solicitor list. Am I still permitted to use my Netherley conveyancing solicitor even though they are excluded from the lender approved list?
You have numerous choices available to you here
- Proceed with your chosen Netherley property lawyer but your mortgage company will no doubt retain a property lawyer on their conveyancing panel. The net result is additional charges and potential interruption.
- Choose a fresh lawyer to act in the purchase, making sure they are on the bank conveyancing panel.
- Appeal to your property lawyer to seek to join the bank panel
In what way does my ID and proof of funds have anything to do with my conveyancing in Netherley? Is this really warranted?
In order to comply with Money Laundering Regulations any Netherley conveyancing firm will require proof of identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility account showing where you live.
Under Money Laundering Regulations, property lawyers are duty bound to validate not simply the ID of conveyancing clients but also the source of monies that they receive in respect of any matter. Refusal to disclose this may lead to your conveyancer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to inform the relevant authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
Will our lawyer be raising enquiries about flooding as part of the conveyancing in Netherley.
Flooding is a growing risk for solicitors dealing with homes in Netherley. There are those who buy a house in Netherley, fully aware that at some time, it may be flooded. However, aside from the physical damage, where a house 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 as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, however there are a various checks that can be initiated by the buyer or by their lawyers which can give them a better appreciation of the risks in Netherley. The conventional set of property information forms sent to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the owner to discover if the property has suffered from flooding. In the event that flooding has previously occurred which is not notified by the vendor, then a buyer may commence a legal claim for losses as a result of such an incorrect reply. A buyer’s conveyancers should also conduct an environmental search. This should indicate if there is a recorded flood risk. If so, further inquiries will need to be carried out.
I opted to have a survey completed on a house in Netherley prior to appointing conveyancers. I have been advised that there is a flying freehold element to the house. Our surveyor has said that some lenders will refuse to issue a loan on this type of property.
It varies from the lender to lender. Santander has different instructions for example to Nationwide. Should you wish to telephone us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Netherley. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Netherley to see if the conveyancing will be more expensive.
In sourcing the web for the phrase cheap conveyancing in Netherley it brings up many conveyancersin the area. How do I determine which is the suitable conveyancer for me?
The preferential method of choosing a suitable conveyancer is through a trusted recommendation, so enquire of friends and those you trust who have acquired a property in Netherley or the local estate agent or financial adviser. Charges for conveyancing in Netherley vary, so it's a good idea to request at least three fee estimates from different law firms. Dont forget to clarify that the fees are fixed.
Do you have any top tips for leasehold conveyancing in Netherley with the intention of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Netherley can be avoided if you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the buyers’ conveyancers. You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your conveyancers. A purchaser's conveyancer will not be happy to advise their client to where the lease term is below 80 years. It is therefore important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. Some Netherley leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. If you have had any disputes with your freeholder or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be warry about purchasing a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as historic rather than ongoing.
I purchased a 1 bedroom flat in Netherley, conveyancing having been completed 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Netherley with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease ends on 21st October 2077
With 53 years remaining on your lease we estimate the price of your lease extension to be between £27,600 and £31,800 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.