I am only a couple days away from an exchange on a flat in Templecombe and my mum and dad have sent the 10% deposit to my conveyancer. I am now informed that as the deposit has not arrived from me my solicitor needs to make a notification to my mortgage company. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
Your lawyer is duty bound to clarify with the bank to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
What does my ID and proof of funds have anything to do with my conveyancing in Templecombe? Is this really necessary?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in Templecombe. Nowadays you can not proceed with any conveyancing deal in the absence providing evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a utility bill. Remember if you are providing your driving licence as proof of ID it needs to be both the paper part as well as the photo card part, one is not sufficient without the other.
Verification of your origin of funds is mandated under Money Laundering Regulations. Don’t be offended when you are asked to produce this as your conveyancing solicitor must retain this information on file. Your Templecombe conveyancing lawyer will require evidence of proof of funds prior to accepting any monies from you into their client account and they may also ask additional queries regarding the source of monies.
I am aiming to move home in February. Does my conveyancing solicitor update the removal company on the day of completion. On a separate note, can you recommend a removal company in Templecombe. Conveyancing lawyer was found prior to coming across your website.
On the day of completion you can pick up the house keys from the estate agent however this can only take place after the previous owners solicitors confirm to the agent that they acknowledge receipt of the completion payment and the keys can be released. After that you can inform the removal company that you are ready to move in. As a matter of policy we do not recommend a particular removal company but can help you locate a residential property solicitor in Templecombe or a firm with expertise in conveyancing in Templecombe.
I am buying a property in Templecombe. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender RBS be concerned?
As your lender is RBS your lawyer must follow the formal instructions contained in Part two of UK Finance Lenders’ Handbook for RBS. The Council of Mortgage Lenders’ Handbook includes minimum conditions for solar panel roof-space leases, and conveyancing practitioners are required to report to RBS where a lease does not comply with these specifications. The requirements relate to the installation of panels on properties countrywide and is not restricted to Templecombe.
My offer on a detached house in Templecombe has been agreed to, but there is a chain. The vendors have put an offer on on an apartment, however it’s not yet tied up, and are looking at other apartments booked. I have selected a nearby conveyancing solicitor in Templecombe. What should be my next step? When should I get the mortgage application with Santander going?
It is normal to have concerns where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is approx £1k, then valuation, Templecombe conveyancing search fees, etc). The first course of action is to check that your solicitor is on the Santander approved list. Concerning the subsequent steps this very much dictated by the uniqueness of your transaction, motivation for the property and on the state of the market. During a rising market some home buyers will apply for a home loan with Santander and arrange for the valuation and only if it comes back ok would they ask their conveyancer to press on with the conveyancing in Templecombe.
About to purchase a new build apartment in Templecombe. 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 legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Templecombe
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The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. 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. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. 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.
I have been advised by a few selling agents in Templecombe to get a quote from a solicitor on your site. What’s the financial inducement for Estate Agents to offer your site ahead of another?
We don’t make any commission for pointing buyers and sellers in our direction. We found it would be just too difficult a fee as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
Can you offer any advice when it comes to choosing a Templecombe conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Templecombe conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Templecombe conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be useful:
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How familiar is the practice with lease extension legislation?
Leasehold Conveyancing in Templecombe - Sample of Questions you should ask before Purchasing
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What is the service charge and ground rent on the property? What prohibitions are there in the Templecombe Lease?