I am not well enough to travel far from Stony Stratford. What is the rationale as to why all Stony Stratford property lawyers aren't automatically on all bank panels?
A decade ago most mortgage companies exhibited an approach to risk which is different than today. The FSA in 2010 conducted a thematic review into property fraud which in summary warned lenders: know the solicitors on your panel. As a result, lenders have since looked to extract more information from law firms concerning their operations and the individuals employed by them and set certain criteria such as completing a minimum amount of transactions. Thousands of law practices have been excluded from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms found it impossible meet the criteria of amount of transactions the lenders insisted on.
What does my ID and proof of funds have anything to do with my conveyancing in Stony Stratford? Is this really warranted?
It is indeed that case that these requests have nothing to do with conveyancing in Stony Stratford. Nowadays you can not complete any conveyancing deal in the absence supplying proof of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a utility bill. Remember if you are supplying your driving licence as evidence of ID it must be both the paper element as well as the photo card part, one is not sufficient without the other.
Verification of the source of funds is required under Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancer will need to retain this information on record. Your Stony Stratford conveyancing solicitor will require evidence of proof of funds prior to accepting any funds from you into their client account and they should also ask further questions concerning the origin of funds.
My wife and I buying a 3 bedroom semi in Stony Stratford. We would like to carry out a loft conversion at the house.Will the conveyancing process include investigations to see if these alterations are allowed?
Your property lawyer will review the registered title as conveyancing in Stony Stratford will on occasion identify restrictions in the title documents which prohibit certain works or necessitated the consent of a 3rd party. Many works require local authority planning consent and approval in compliance with building regulations. Many areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. You should check these things with a surveyor prior to committing yourself to a purchase.
Is it the case that all Stony Stratford solicitors on the RBS conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the RBS conveyancing panel they would need to be governed by the SRA. Many mortgage companies do list licenced conveyancers on their panel and in that case the firms would be overseen by the CLC.
I am currently in the process of buying my council flat in Stony Stratford. I have a mortgage agreed with Nottingham. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nottingham, you will need to appoint a solicitor on the Nottingham conveyancing panel.
I need some fast conveyancing in Stony Stratford as I am faced with a deadline to exchange contracts inside one month. Fortunately I do not need a mortgage. Is it possible to avoid the conveyancing searches to save fees and time?
If.Given you are not taking a home loan you have the choice not to have searches conducted although no law firm would recommend that you don't. With lots of history conveyancing in Stony Stratford the following are examples of what can show up and adversely affect market value: Refused Planning Applications, Outstanding Fees, Outstanding Grants, Railway Schemes,...
I am buying a new build house in Stony Stratford with a loan from Skipton Building Society. The sellers refused to move on the price so I negotiated £7000 of extras instead. The estate agent suggested that I not reveal to my solicitor about this extras as it would jeopardize my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Are there common defects that you encounter in leases for Stony Stratford properties?
There is nothing unique about leasehold conveyancing in Stony Stratford. All leases are unique and legal mistakes in the legal wording can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
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Service charge per centages that don't add up correctly leaving a shortfall A provision for the recovery of money spent for the benefit of another party.
You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Virgin Money, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
I own a ground floor flat in Stony Stratford, conveyancing having been completed in 2007. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Stony Stratford with a long lease are worth £186,000. The ground rent is £55 invoiced every year. The lease runs out on 21st October 2078
With only 53 years remaining on your lease we estimate the price of your lease extension to span between £27,600 and £31,800 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.