In what way does my ID and proof of funds have anything to do with my conveyancing in Street? Is this really warranted?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to check the identity of the person or body they are dealing with before they can accept their conveyancing instruction. The Terms and Conditions that you are required to sign will no doubt reaffirm this. Your lender will also require certain documents to be viewed. Where you refuse to hand over identification documents, your conveyancer will not be able to take you on as a client.
Is it the case that all Street conveyancing solicitors on the Barclays conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Barclays approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. Some banks do allow licenced conveyancers on their panel in which case such firms would be overseen by the Council of Licensed Conveyancers.
I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Street building society branch on numerous occasions and was told they are content with the situation and they will lend. My Street conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they would not lend in accordance with their specific requirements. I have no idea who is right.
The conveyancing practitioner must follow the CML Handbook Part 2 conditions for your lender. 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I've 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 Street solicitor - who is on the Barclays conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Barclays will need an independent valuation of the property. Your lawyer will not arrange this. Usually Barclays 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. You may wish to consider appointing your own Street surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I require expedited conveyancing in Street as I am faced with an ultimatum to exchange contracts in less than 2 weeks. Luckily I do not need a mortgage. Can I avoid the conveyancing searches to save money and time?
As you are are a mortgage free buyer you are at liberty not to do searches although no law firm would recommend that you don't. With lots of history conveyancing in Street the following are instances of issues that can arise and therefore affect future mortgageability: Refused Planning Applications, Overdue Charges, Outstanding Grants, Road Schemes,...
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what should have been a quick, no chain conveyancing. Street is where the house is located. Can you offer any guidance?
Flying freeholds in Street are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Street you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Street 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.
I am a negotiator for a reputable estate agent office in Street where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Street conveyancing solicitors. Can you shed some light as to whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner 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 before, or simultaneously with completion of the sale.
Alternatively, it may be possible 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.
I invested in buying a garden flat in Street, conveyancing was carried out April 2005. How much will my lease extension cost? Corresponding flats in Street with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 levied per year. The lease finishes on 21st October 2099
With just 75 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
My partner is purchasing a shared ownership flat in Street. He has received an estimate by the lawyer connected to the selling agents and it came to £1250 . It was ten years ago I sold and purchased a house and the bill was £500. Have fees really gone up that much?
You should e-mail a few local Street conveyancing solicitors requesting estimates. It is advisable to base your choice not solely on cost, but on promptness and on how comprehensive the response was.