Am I correct in assuming that the fact that my conveyancer in Sherwood is not listed on my mortgage company's conveyancing panel that there is a problem with the quality of her work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Sherwood conveyancing practice and enquire why they are no longer on the approved list for your bank.
What does my ID and proof of funds have anything to do with my conveyancing in Sherwood? Why is this being asked of me?
Sherwood conveyancing solicitors and indeed property lawyers accross the UK have a duty under money laundering regulations to verify the identity of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and evidence of address (usually a Utility Bill less than 3 months old).
Evidence of the origin of monies is also necessary under the money laundering regulations as lawyers are mandated to investigate that the funds you are utilising to acquire a property (be it the exchange deposit or the total purchase monies if you are a cash purchaser) has originated from an acceptable source (such as employment savings) rather than the product of illegitimate behaviour.
Are the BSA planning on creating a online directory to to identify practices on the Melton Mowbray Building Society conveyancing panel for instance in Sherwood?
We would not expect to be advised of any intention on the part of the BSA to promote such a tool.
Just had an offer accepted on a new build flat in Sherwood. Conveyancing is daunting 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 conveyancing.
Here are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Sherwood
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Please supply a car parking plan. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I was advised by two or three local property agents in Sherwood to choose a conveyancer on your site. Is there a financial inducement for Estate Agents to promote your lawyers ahead of alternative conveyancing organisations?
We refuse to make any referral fee for directing people to this site. We found it would be just too difficult a fee because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
Do you have any advice for leasehold conveyancing in Sherwood with the aim of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Sherwood can be reduced where you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ representatives. A minority of Sherwood leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. Many freeholders or managing agents in Sherwood charge for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Sherwood. If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to ongoing.
I own a 2 bed flat in Sherwood, conveyancing formalities finalised in 2011. 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 properties in Sherwood with an extended lease are worth £185,000. The ground rent is £65 invoiced annually. The lease ends on 21st October 2086
With only 61 years unexpired the likely cost is going to be between £18,100 and £20,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.