My husband and I are intending to buy a 3 bedroom flat in St Clears with a mortgage. We like our St Clears conveyancer, however the lender advise he's not on their "panel". It seems we have no option but to select one of the lender panel solicitors or keep our St Clears conveyancer as well as pay for one of their panel firms to act for them. This seems very unfair; can we not require that the mortgage company use our St Clears solicitor ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your St Clears conveyancing solicitor to apply to be on the conveyancing panel.
What does my ID and proof of funds have anything to do with my conveyancing in St Clears? Is this really warranted?
You are right in these requests have nothing to do with conveyancing in St Clears. However these days you can not complete any conveyancing deal in the absence submitting evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence and a utility bill. Please note that if you are supplying your driving licence as evidence of ID it needs to be both the paper part as well as the photo card part, one is not sufficient in the absence of the other.
Evidence of the source of monies is mandated in accordance with the Money Laundering Regulations. Don’t be offended when when this is requested of you as your lawyer must retain this information on file. Your St Clears conveyancing lawyer will need to see evidence of proof of funds before they are able to accept any funds from you into their client account and they may also ask additional queries concerning the origin of monies.
My property lawyer in St Clears is not listed on the Barclays Solicitor Panel. Can I still retain my prefered solicitor notwithstanding that they are excluded from the Barclays approved list?
Your options are as follows:
- Complete the purchase with your existing St Clears solicitors but Barclays will need to use a solicitor on their panel. This will inevitably rack up the overall conveyancing fees and result in delays.
- Get a new solicitor to act in the conveyancing, obviously checking they are Barclays approved.
- Persuade your Barclays solicitor to try to join the Barclays panel
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a simple, no chain conveyancing. St Clears is where the house is located. Can you shed any light on this issue?
Flying freeholds in St Clears are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in St Clears you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in St Clears may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
What does commercial conveyancing in St Clears cover?
St Clears conveyancing for business premises incorporates a wide range of advice, offered by qualified solicitors, relating to business premises. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
I am a negotiator for a long established estate agency in St Clears where we have witnessed a number of leasehold sales derailed due to short leases. I have been given inconsistent advice from local St Clears conveyancing firms. Can you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 purchaser.
I purchased a garden flat in St Clears, conveyancing formalities finalised 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in St Clears with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease runs out on 21st October 2087
With just 61 years remaining on your lease we estimate the premium for your lease extension to be between £19,000 and £22,000 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.