My partner and I are looking to purchase a property in Westerham and are in fact using a Westerham conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. TSB have this evening contacted us to advise us that they have now hit a problem as our Westerham conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Westerham lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
We are getting closer to an exchange on a house in Westerham and my mum and dad have transferred the ten percent deposit to my conveyancing practitioner. I am now informed that as the deposit has been sent from someone other than me my conveyancing practitioner needs to disclose this to my mortgage company. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I disclosed to the bank about my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
The property lawyer is obliged to clarify with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Having sold my house in Westerham last August yet the purchaser is calling me to say his lawyer is waiting to hear from mine. What should my lawyer have done following completion?
Following your sale your solicitor should deliver the transfer documentation and all supplemental paperwork to the purchaser's solicitors. Depending on the transaction, your conveyancer should also send confirmation that the home loan has been repaid to the purchasers conveyancers. There are no post completion requirements unique to conveyancing in Westerham.
The estate agent has sent us the confirmation of our purchase of a new build flat in Westerham. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Westerham
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please confirm the Lease plans are surveyor prepared. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision.
I have been on the look out for a flat up to £305k and found one close by in Westerham I like with open areas and transport links nearby, however it's only got 61 years on the lease. There is not much else in Westerham suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a mortgage the shortness of the lease will likely be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
I am buying a maisonette with all finances in place. My solicitor has been handed with 2 separate forms of photo ID, bank statement, numerous utility bills. Now he wants a copy from a probate lawyer acknowledging that the funds are in place and that it has come from inheritance and not via illegitimate means.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Westerham conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.