My solicitor has uncovered a a problem with the lease for the apartment we are purchasing in Wells. The other side have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor has advised that he must check that the lender is willing to move forward with this solution. Are we the client or is the bank?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. The appropriate lender conditions must be adhered to.
In what way does my ID and proof of funds have anything to do with my conveyancing in Wells? What am I being asked for?
To satisfy the Money Laundering Regulations any Wells conveyancing firm will require evidence of your identity in all conveyancing matters. This is usually dealt with by provision of a passport and an original bank statement or utility account evidencing your correct address.
In accordance with Money Laundering Regulations, conveyancing solicitors are obliged by law to validate not just the identity of conveyancing clients but also the origin of the money that they receive in respect of any matter. Refusal to disclose this may lead to your conveyancer ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to inform the relevant authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
I have been told that property searches are the main reason for obstruction in Wells conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays during the legal transfer of property. Local searches are not likely to be the root cause of holding up conveyancing in Wells.
Due to the guidance of my in-laws I had a survey completed on a property in Wells ahead of appointing lawyers. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some mortgage companies may refuse to issue a loan on this type of premises.
It depends who your proposed lender is. Lloyds has different instructions from Nationwide. If you call us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Wells. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Wells to see if the conveyancing will be more expensive.
I have been sourcing a conveyancing solicitor in Wells for my purchase. Is there any facility to check a firm’s complaints history with the profession’s regulator?
You may review presented Solicitor Regulator Association (SRA) determinations stemming from investigations commenced on or after Jan 2008. Visit Check a solicitor's record. For information about the period before 1 January 2008, or to check a firm's record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, dial +44 (0)121 329 6800. The SRA may monitor telephone calls for training requirements.
Having checked my lease I have discovered that there are only Seventy years remaining on my flat in Wells. I now wish to get lease extension but my landlord is missing. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to demonstrate that you have done all that could be expected to find the landlord. For most situations a specialist would be useful to try and locate and prepare an expert document which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court covering Wells.
I inherited a 2 bed flat in Wells, conveyancing having been completed 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Wells with a long lease are worth £185,000. The ground rent is £65 yearly. The lease runs out on 21st October 2086
You have 60 years remaining on your lease we estimate the price of your lease extension to be between £20,000 and £23,000 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.