My wife and I are planning to purchase a property in Pickering and have appointed a Pickering conveyancing firm. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Bank of Ireland have this morning contacted us to inform me that they have now hit a problem as our Pickering solicitor is not on their conveyancing panel. What do we do from here?
If you are buying a property needing a mortgage it is usual for the purchasers' lawyers to also act for the purchaser's lender. 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 Quality Scheme. Your solicitor 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Pickering lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
What does my ID and proof of funds have anything to do with my conveyancing in Pickering? Why is this being asked of me?
Pickering conveyancing solicitors and indeed property practitioners throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement no more than three months).
Proof of source of monies is also required in accordance with the money laundering regulations as lawyers are required to ensure that the money you are utilising to buy a property (be it the exchange deposit or the total purchase monies where you are buying without a mortgage) has come from a reputable source (such as an inheritance) and is not the fruits of criminal activity.
In looking at mumsnet.com for a cheap solicitor in Pickering, many comment that I should instruct a CQS kitemarked lawyer. What is CQS?
The Conveyancing Quality Scheme (CQS) provides a recognised quality standard for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * compliance with prudent and efficient conveyancing procedures through the scheme protocol It includes many organisations who execute conveyancing in Pickering.
Just had an offer accepted on a new build flat in Pickering. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Pickering
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please confirm the Lease plans are surveyor prepared. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
My wife and I purchased a leasehold house in Pickering. Conveyancing and Nationwide Building Society mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Pickering who acted for me is not around. Any advice?
First contact the Land Registry to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Pickering conveyancing practitioner to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I purchased a ground floor flat in Pickering, conveyancing having been completed October 2002. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Pickering with a long lease are worth £227,000. The ground rent is £50 charged once a year. The lease terminates on 21st October 2096
With only 71 years remaining on your lease we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do 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. You should not take any other action based on this information without first getting professional advice.
At what stage do I incur stamp duty payable for my conveyancing in Pickering?
Your conveyancer will fill out a stamp duty return on your behalf as part of your Pickering conveyancing transaction for signature. On completion your conveyancing practitioner will submit your Land Transaction Return Form to the Tax Authorities and - as long as they have the money - discharge any land tax due for you.