What does my ID and proof of funds have anything to do with my conveyancing in Tiverton? Why is this being asked of me?
Tiverton conveyancing solicitors as well as nationwide property lawyers accross the UK have an obligation under money laundering regulations to check the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (usually a Utility Bill no older than three months).
Confirmation of source of monies is also necessary under the money laundering regulations as lawyers are mandated to investigate that the money you are using to buy a property (whether it be the deposit for exchange or the total purchase price where you are a cash purchaser) has originated from a reputable source (such as an inheritance) and is not the fruits of criminal activity.
The Tiverton conveyancing firm that I recently instructed on my purchase in Tiverton have suddenly closed. I chose them because I had to have a firm on the Clydesdale conveyancing panel and my family Tiverton lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What do I do now?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Clydesdale conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help.
Have just purchased a probate house at auction in Tiverton. Conveyancing is required. What are my next steps?
Having legally committed yourself to purchase you now have to appoint a conveyancing solicitor quickly as you will have a fast approaching deadline in which to complete the deal. An auction property will have a bespoke legal set of papers. This will include evidence of title and search results. In the case of leasehold premises the auction pack should provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to a leasehold property. You need to give this to the solicitor working for you as soon as possible. You also need to ensure that your finances are in order to complete on the date specified in the contract.
I have today made my last payment due on my mortgage with Nationwide. I assume I don't need a Tiverton conveyancer on the Nationwide panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Nationwide mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nationwide mortgage from the register. Nationwide, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nationwide has sent the Land Registry the discharge electronically, and
- Nationwide has instructed the Land Registry to do so
The formalities of my remortgage has taken place for my property in Tiverton. Conveyancing was a necessary evil but I would like to complain about the lender. How do I make a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. Ordinarily complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
4 months have gone by since my purchase conveyancing in Tiverton completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one close by in Tiverton I like with open areas and station in the vicinity, however it only has 49 years on the lease. There is not much else in Tiverton suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you require a mortgage the shortness of the lease will likely be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
I've recently bought a leasehold house in Tiverton. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Tiverton - Examples of Questions you should consider before Purchasing
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Be sure to discover if the the lease contains any adverse restrictions in the lease. For instance it is fairly common in Tiverton leases that pets are not permitted in certain buildings in Tiverton. If you love the flatin Tiverton yet your cat is not allowed to live with you then you will be presented with a difficult choice. You will want to find out as much as possible concerning the company managing the building as they will either make living at the property much easier or problematic. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to day to day issues like the tidiness of the communal areas. You should not be afraid to ask prospective neighbours if they are happy with them. On a final note, investigate as to the dates that you are obliged pay the maintenance charge to the relevant party and specifically what it includes. What restrictions exist in the Tiverton Lease?