We selected a high street lawyer for my conveyancing in Woodhouse and Handsworth yesterday. Going through the fine print I seeI am liable for charges even if the sale aborts. Would I be best advised to select an internet lawyer promoting no completion no cost conveyancing in Woodhouse and Handsworth?
It is usually ‘give and take’ in that if "No Sale No Fee" is advertised then the conveyancing charges will generally be uplifted to neutralise the cases that do not go ahead. Also remember that these schemes tend not to protect you from disbursements e.g. Woodhouse and Handsworth conveyancing search charges.
My wife and I are nearing an exchange on a property in Woodhouse and Handsworth and my parents have sent the exchange deposit to my lawyer. I am now told that as the deposit has not arrived from me my property lawyer needs to disclose this to my lender. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
Your lawyer is duty bound to clarify with lender to make sure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your mortgage company 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 Woodhouse and Handsworth? What am I being asked for?
In order to comply with Money Laundering Regulations any Woodhouse and Handsworth conveyancing firm will require proof of identity in all conveyancing transactions. This is usually satisfied by provision of a passport and an original bank statement or utility account evidencing where you reside.
Under Money Laundering Regulations, conveyancers are obliged by law to validate not simply the identity of conveyancing clients but also the source of fund that they receive in respect of any matter. An unwillingness to disclose this may lead to your lawyer cancelling their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to make a disclosure to the relevant authorities should they believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
My wife and I purchased a renovated Georgian property in Woodhouse and Handsworth. Conveyancing solicitor acted for me and Bank of Scotland. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold under the exact same address. I'd like to know for sure, how can I find out??
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Woodhouse and Handsworth and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with your conveyancing practitioner who conducted the conveyancing.
I am looking for a flat up to £235,500 and identified one near me in Woodhouse and Handsworth I like with a park and railway links nearby, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Woodhouse and Handsworth suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage the shortness of the lease will be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
I've recently bought a leasehold house in Woodhouse and Handsworth. Am I liable to pay service charges relating to a period prior to my ownership?
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. However, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).
I bought a 1st floor flat in Woodhouse and Handsworth, conveyancing formalities finalised in 1996. How much will my lease extension cost? Corresponding properties in Woodhouse and Handsworth with over 90 years remaining are worth £195,000. The ground rent is £45 invoiced annually. The lease finishes on 21st October 2088
With only 63 years remaining on your lease we estimate the premium for your lease extension to span between £16,200 and £18,600 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures 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 based on this information before seeking the advice of a professional.