My husband and I are hoping to purchase a flat in North Somerset and are in fact using a North Somerset conveyancing practice. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. National Westminster Bank have this evening contacted us to inform me that they have now hit a problem as our North Somerset solicitor is not on their conveyancing panel. What do we do from here?
Where you are buying a property requiring a mortgage it is usual for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred North Somerset lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
What does my ID and proof of funds have anything to do with my conveyancing in North Somerset? Is this really warranted?
In order to comply with Money Laundering Regulations any North Somerset conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility bill evidencing your correct address.
In accordance with Money Laundering Regulations, conveyancers are obliged by law to ascertain not simply the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. An unwillingness to disclose this will lead to your conveyancer ending 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 inform the relevant authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
I'm remortgaging my existing house to a BTL loan with Platform Home Loans Ltd and intend to use the remaining equity as a down payment on further house. The location we are talking about is North Somerset. Will your solicitors be able to act for the two banks and tie in the two deals?
Do use our search tool on this page to ensure that the conveyancers are on the relevant lender panels. Assuming that they are your solicitor should be able to connect the two transactions but you should have a chat with you lawyer and specify your expectations and requirements.
My father has recommend that I appoint his conveyancers in North Somerset. Should I choose my own property lawyer?
No doubt it’s preferable to select a conveyancing solicitor is to have recommendations from friends or family who have actually experience in using the solicitor that you are contemplating using.
All being well we will complete the disposal of our £425,000 garden flat in North Somerset next Thursday. The management company has quoted £324 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in North Somerset?
North Somerset conveyancing on leasehold maisonettes usually necessitates the purchaser’s solicitor submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries the majority will be content to assist. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some situations it is in excess of £800. The administration charge required by the landlord must be sent together with a summary of entitlements and obligations in relation to administration fees, otherwise the invoice is not strictly payable. Reality however dictates that you have little choice but to pay whatever is demanded if you want to complete the sale of your home.
I am the registered owner of a leasehold flat in North Somerset, conveyancing formalities finalised July 1999. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in North Somerset with over 90 years remaining are worth £192,000. The average or mid-range amount of ground rent is £55 per annum. The lease runs out on 21st October 2079
With 54 years remaining on your lease we estimate the price of your lease extension to be between £32,300 and £37,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
I need to swap lawyers as my North Somerset lawyer is not on the bank's approved list of conveyancing solicitors. Is it advisable to appoint a new law firm?
In the event that you have not formally appointed a solicitor to do anything for you and at this stage simply received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in North Somerset that you're thinking of instructing.