I can't travel far from Redcar and Cleveland. I would like to know the logic why all Redcar and Cleveland lawyers are not on all lender panels?
Lenders point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The dismissal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for mortgage companies to review their conveyancing panels, which triggered a major policy change in the sector. It led to lenders removing a number of firms from their books of approved property lawyers .
Me and my fiancee are purchasing our first property. Our solicitor has e-mailedto check if we want to order supplemental conveyancing searches. We are really unsure what's needed for conveyancing in Redcar and Cleveland
The scope of Redcar and Cleveland conveyancing searches should be triggered based primarily on the property, the location, the likelihood of any of these risks, your knowledge of the region and risks, your general approach to risk. What matters is that you properly comprehend what information each search could provide. Then you can decide if you consider that you need that information. Where you are unsure, ask your property lawyer to advise.
What does my ID and proof of funds have anything to do with my conveyancing in Redcar and Cleveland? Why is this being asked of me?
Redcar and Cleveland conveyancing solicitors and indeed property lawyers accross the UK have a duty under money laundering regulations to verify the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to produce two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and proof of address (usually a Bank Statement less than 3 months old).
Evidence of the origin of monies is also necessary in accordance with the money laundering regulations as lawyers have a duty to ensure that the funds you are utilising to acquire a property (be it the exchange deposit or the total purchase price where you are a cash purchaser) has come from legitimate source (such as employment savings) rather than the fruits of criminal activity.
We wanted to use a conveyancing solicitor in Redcar and Cleveland for our home move. Our financial adviser has since notified us that our mortgage lenders The Mortgage Works won't deal with them. Why is this not regarded as unfair competition?
Mortgage Companies in the main imposes restrictions either the type or the number of conveyancing practices on their member panel. Typical examples of such criteria being that a law practice must have two or more partners. As well as restricting the type of firm, a few lenders have decided to limit the amount of firms they allow to act for them. Be aware that The Mortgage Works have no responsibility for the quality of advice provided by any member of The Mortgage Works Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago even though there are mixed views regarding the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that plenty of law firms, including some in or near Redcar and Cleveland only execute a couple conveyances a year.
I've recently bought a leasehold property in Redcar and Cleveland. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a leasehold flat in Redcar and Cleveland, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Redcar and Cleveland with a long lease are worth £265,000. The average or mid-range amount of ground rent is £50 levied per year. The lease runs out on 21st October 2100
With 75 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
I have recently had an offer accepted on an apartment in Redcar and Cleveland and the estate agent that we are dealing with recommended his conveyancing practitioner. He quoted a thousand pounds plus VAT and 3rd party costs. Does this sound expensive?
Don't just go on 1 quote. One should obtain like-for-like quotes for your conveyancing in Redcar and Cleveland. Then select one that you trust and crucially, is on the approved panel of the bank that you are sourcing your mortgage from.