My financial adviser has requested my Shefford law firm’s panel reference for the Santander conveyancing panel. Can you suggest how I find this out. I have tried my local Shefford office but they have not responded to me.
The sensible thing to do is ask for this information from your Shefford solicitor . They keep a central record lender panel numbers.
In what way does my ID and proof of funds have anything to do with my conveyancing in Shefford? Why is this being asked of me?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in Shefford. However these days you will not be able to proceed with any conveyancing transaction in the absence providing proof of your identity. This usually takes the form of a either your passport or driving licence and a council tax bill. Please note that if you are supplying your driving licence as proof of ID it needs to be both the paper section as well as the photo card part, one is not satisfactory without the other.
Verification of your origin of monies is mandated in accordance with the Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancing solicitor must retain this information on record. Your Shefford conveyancing lawyer will need to see evidence of proof of funds prior to accepting any monies from you into their client account and they should also ask further questions regarding the source of monies.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Shefford bank branch on a couple of occasions and was told it does not affect the mortgage offer and they will lend. My Shefford conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend in accordance with their published requirements. Who do I believe?
As long as the conveyancer is on the lender panel, they must follow the Council of Mortgage Lenders’ Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Planning on purchasing a maisonette in Shefford. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Leeds Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Shefford lawyer is on the Leeds Building Society conveyancing panel.
Having read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Shefford solicitor - who is on the Nationwide conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Shefford postcode. As you are getting a mortgage with Nationwide, you could contact them to see if they have a list of approved surveyors in Shefford.
3 months have elapsed following my purchase conveyancing in Shefford concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. 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.
We're new on the property ladder - had an offer accepted, but the selling agent informed us that the vendor will only move forward if we instruct their recommended solicitors as they want a ‘quick sale’. Our preferred option is to instruct a family solicitor accustomed to conveyancing in Shefford
It is unlikely the sellers are driving this. Should the vendor desire ‘a quick sale', turning down a genuine purchaser is counter productive. Contact the owners directly and explain that (a)you are keen to buy (b)you are ready to progress, with finances in place © you have nothing to sell (d) you intend to proceed fast (e)but you intend to appoint your preferred Shefford conveyancing lawyers - rather thanthe ones that will earn their negotiator at the agency a introducer fee or meet his conveyancing thresholds set by HQ.
I've recently bought a leasehold house in Shefford. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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 am the registered owner of a ground floor flat in Shefford, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Shefford with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £50 per annum. The lease finishes on 21st October 2103
With 77 years remaining on your lease the likely cost is going to range between £7,600 and £8,800 plus 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 the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.