My husband and I are purchasing a brand new flat in Pocklington and my lawyer is telling me that she is duty bound to the lender to disclose incentives from the builder. The Estate Agents are hassling me to exchange contracts and my preference is not to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What does my ID and proof of funds have anything to do with my conveyancing in Pocklington? Is this really warranted?
In order to comply with Money Laundering Regulations any Pocklington conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing where you live.
Under Money Laundering Regulations, property lawyers are required to check not just the ID of conveyancing clients but also the origin of the money that they receive in respect of any matter. An unwillingness to disclose this will result in your conveyancer ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to make a disclosure to the relevant authorities should they believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
Can you clarify what the consequences are if my solicitor is expelled from the Santander Conveyancing panel ahead of completing my conveyancing in Pocklington?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I am the only recipient of my late father’s will with all property in now in my sole name, including the house in Pocklington. Conveyancing formalities meant that the Land Registry date was in October. I now wish to sell up. I do know about the CML 6 month 'rule', meaning my property ownership may be considered the same way as if I'd bought the property in October. Do I have to wait 6 months to sell?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. many banks would take a pragmatic view as this clause principally exists to capture subsales or the flipping of properties.
How can we tell if a Pocklington conveyancing solicitor on the Lloyds panel is any good?
When it comes to conveyancing in Pocklington obtaining 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 advise that you speak with the solicitor handling your conveyancing.
Completion of my purchase has taken place for my property in Pocklington. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Almost all banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. We understand that complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
I am a negotiator for a busy estate agent office in Pocklington where we have witnessed a number of flat sales put at risk as a result of short leases. I have been given conflicting advice from local Pocklington conveyancing solicitors. Can you clarify whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as 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 prior to, or at the same time as 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 bought a basement flat in Pocklington, conveyancing was carried out February 2003. 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? Comparable flats in Pocklington with an extended lease are worth £255,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ends on 21st October 2097
You have 73 years unexpired the likely cost is going to range between £8,600 and £9,800 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
Your search tool is useful but there are many lawyers listed near Pocklington being on the bank conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the bank approved panel?
We are not in the business of recommending one firm above another as the right Pocklington conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Pocklington knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the the firms listed to gain comfort as to which one is right for you..