I am nearing exchange of contracts for my maisonette in Royton and the estate agent has just telephoned to say that the purchasers are swapping solicitor. The reason given is that the lender will only deal with solicitors on their conveyancing panel. Why would a leading mortgage company only work with specific solicitors rather the firm that they want to choose to handle their conveyancing in Royton ?
Banks have always had an approved set of law firms they are content to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lending institutions justify this action to a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any impact on this.
What does my ID and proof of funds have anything to do with my conveyancing in Royton? Why is this being asked of me?
Royton conveyancing solicitors as well as nationwide property lawyers accross the UK have a duty under money laundering regulations to check the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and evidence of address (usually a Utility Bill less than 3 months old).
Proof of the origin of funds is also required in accordance with the money laundering statutes as conveyancers are duty bound to investigate that the money you are utilising to acquire a property (whether it be the deposit for exchange or the full purchase price if you are a cash purchaser) has come from legitimate source (such as an inheritance) and is not the product of illegitimate activity.
Will commercial conveyancing searches reveal planned roadworks that could impact a commercial property in Royton?
Its becoming the norm that commercial conveyancing solicitors in Royton will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Royton. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Royton.
For every commercial conveyancing transaction in Royton it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may cause delays to Royton commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Royton.
I am purchasing a new build house in Royton benefiting from help to buy. The developers refused to reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep told me not reveal to my solicitor about this side-deal as it would put at risk my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
In what way can the Landlord & Tenant Act 1954 affect my business premises in Royton and how can you help?
The 1954 Act provides protection to business lessees, giving them the right to apply to court for a continuation of occupancy when the lease reaches an end. There are limited grounds that a landlord can refuse a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing practices who use the act for protection and help with commercial conveyancing in Royton
What are your top tips when it comes to finding a Royton conveyancing practice to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Royton conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you speak with several firms including non Royton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
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What are the legal fees for lease extension conveyancing?
I am the registered owner of a 1st floor flat in Royton, conveyancing was carried out in 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Royton with an extended lease are worth £260,000. The ground rent is £45 invoiced every year. The lease ceases on 21st October 2100
With only 75 years unexpired the likely cost is going to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. 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 taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.