I am hoping to receive a mortgage with Santander. I intend to use a Licensed Conveyancer in Padstow. Does the Santander Solicitor panel allow for Licensed Conveyancers?
The Santander conveyancing panel is, like many other lenders, represented by the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
What does my ID and proof of funds have anything to do with my conveyancing in Padstow? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Padstow conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility account evidencing where you live.
In accordance with Money Laundering Regulations, property lawyers are obliged by law to ascertain not simply the ID of conveyancing clients but also the origin of monies that they receive in respect of any matter. An unwillingness to disclose this will result in your conveyancer cancelling their relationship 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 Money Laundering Regulations.
It has been 4 months since my purchase conveyancing in Padstow concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the guidance of my in-laws I had a survey completed on a house in Padstow prior to retaining conveyancers. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some banks will not grant a mortgage on a flying freehold premises.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. If you e-mail us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Padstow. Conveyancing may be slightly more expensive based on your lender's requirements.
I’m about to sell my ground floor flat in Padstow. Conveyancing lawyers have not yet been instructed, but I have recently received a half-yearly maintenance charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the maintenance contribution as normal because all ground rent and service invoices will be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Padstow Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
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It would be sensible to discover as much as possible regarding the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to practical matters such as the tidiness of the communal areas. You should not be shy to ask other people what they think of their management. In conclusion, be sure you know the dates that the service fees are due to the managing agents and precisely what it includes. On the whole the outlay for major works are not wrapped into the service charges, although a few managing agents in Padstow ask leaseholders to contribute towards a reserve fund and this is used to offset against major repairs or maintenance. You should be aware that where the lease has less than eighty years it will affect the salability of the property. Check with your mortgage company that they are content with the length of the lease. A short lease means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. For most Padstowlease extensions you will be required to have owned the property for two years in order to be eligible to extend the lease.
Do I cancel my mortgage payments with TSB as soon as a completion date for my home sale in Padstow has been agreed?
No, you must maintain meeting any mortgage sums to TSB until the mortgage is discharged from the proceeds of sale as part of your Padstow conveyancing.