My conveyancer has uncovered a a legal deficiency with the lease for the apartment we are purchasing in South Molton. The other side have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must be satisfied that the bank is willing to move forward with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.
What does my ID and proof of funds have anything to do with my conveyancing in South Molton? Is this really necessary?
South Molton conveyancing solicitors and indeed property lawyers accross the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and evidence of address (typically a Bank Statement no older than three months).
Proof of source of funds is also necessary under the money laundering regulations as solicitors are obliged to ensure that the funds you are using to acquire a property (be it the exchange deposit or the total purchase price where you are a cash purchaser) has originated from a reputable source (such as an inheritance) as opposed to the proceeds of illegitimate behaviour.
I had intended to instruct a property lawyer in South Molton for our home move. Our financial adviser has since notified us that our bank Yorkshire Building Society won't deal with them. Why is this not regarded as unduly restrictive?
A lender may direct that an approved conveyancer act for it. You would be liable to meet the cost of this. Please make use of our search facility to find a solicitor to carry conveyancing in South Molton on the Yorkshire Building Society conveyancing panel.
In what way can the Landlord & Tenant Act 1954 impact my business premises in South Molton and how can you help?
The particular law that you refer to gives protection to commercial leaseholders, granting the a statutory right to make a request to court for a continuation of occupancy when the lease comes to an end. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. South Molton is one of our many locations in which the firms we work with have offices
I work for a reputable estate agency in South Molton where we have witnessed a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local South Molton conveyancing solicitors. Could you shed some light as to whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. 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 disposal of the property.
An alternative approach is 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 buyer.
Leasehold Conveyancing in South Molton - A selection of Queries Prior to buying
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How much is the annual maintenance fee and ground rent? Be sure to investigate if there is anything that is prohibited in the lease. By way of example it is fairly common in South Molton leases that pets are not allowed in in a block in South Molton. If you like the propertyin South Molton however your cat is not allowed to live with you then you will be presented with a hard choice.
Why do I have to supply my solicitor with numerous items of identification before they can proceed with selling or purchasing a property in South Molton?
South Molton conveyancers are required by the Law Society, SRA, HM Land Registry and current AML Regulations to record that the have checked the identity of their clients. It is also sometimes a condition of your mortgage offer. In addition they have to complete various forms, particularly those relating to stamp duty land tax and need to have details such as your full names, national insurance number and DOB.