I am in a contract race with another buyer for a property in Bishops Cleeve. What can I do to speed up matters?

In a situation where the seller is applying a tight deadline for your conveyancing we would recommend that your conveyancer is familiar with the area as they will have local contacts and know-how. It is possible that they may have transacted previousproperties in the same street. You would be best advised to use a Bishops Cleeve conveyancing firm. In addition, be sure that the lawyer is on the member panel. It is claimed that 18% of Bishops Cleeve conveyancing deals are delayed or derailed after discovering a buyer’s solicitor was not on their banks member panel. In many cases this discovery resulted in the legal transfer of property being delayed by almost 21 days. It is said that this issue impacts approximately one hundred thousand home sales annually. Many Bishops Cleeve conveyancing firms can not act for certain mortgage companies so do check at the outset.

What does my ID and proof of funds have anything to do with my conveyancing in Bishops Cleeve? What am I being asked for?

It is indeed that case that the requirement set out by your solicitor has nothing to do with conveyancing in Bishops Cleeve. Nowadays you can not proceed with any conveyancing deal if you have not supplying proof of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a bank statement. Please note that if you are supplying your driving licence as proof of ID it must be both the paper part as well as the photo card part, one is not satisfactory without the other.

Evidence of the origin of money is required in accordance with the Money Laundering Regulations. Don’t be offended when when this is requested of you as your lawyer will need to have this information on record. Your Bishops Cleeve conveyancing practitioner will require evidence of proof of funds prior to accepting any funds from you into their client account and they should also ask further queries regarding the source of monies.

We expect to receive a AIP from Virgin Money this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Virgin Money recommend any Bishops Cleeve solicitors on the Virgin Money conveyancing panel, or is it better to find our own lawyer?

You will need to appoint Bishops Cleeve solicitors independently although you'll need to choose one on the Virgin Money conveyancing panel. The solicitor represents both you and Virgin Money through the process.

I currently have a mortgage with Leeds Building Society for my property in Bishops Cleeve. Conveyancing was finalised a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Leeds Building Society?

You must advise Leeds Building Society prior to renting your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. It may be that Leeds Building Society will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Leeds Building Society directly. It should not be necessary to do this via a Leeds Building Society conveyancing panel firm.

Kent Reliance have agreed my mortgage in principle, my bid on a apartment in Bishops Cleeve has been accepted, now what?

Your estate agent will need to be advised as to your property lawyer's details (ensure that the solicitors are on the bank’s panel). Call up Kent Reliance or your broker and finish off any outstanding documentation. Kent Reliance will appoint a valuer who will get in contact with the estate agent or vendor to schedule a slot for the valuation to happen. Once carried out (assuming no problems) it takes on average ten days for the mortgage offer to be issued. Kent Reliance will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Bishops Cleeve.

Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Bishops Cleeve is the location of the property. What do you suggest?

Flying freeholds in Bishops Cleeve are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bishops Cleeve you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bishops Cleeve may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.

Can you provide any top tips for leasehold conveyancing in Bishops Cleeve with the intention of expediting the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Bishops Cleeve can be bypassed where you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
If you have had conflict with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be nervous about purchasing a property where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to unsettled. Some Bishops Cleeve leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. Many landlords or Management Companies in Bishops Cleeve charge for supplying management packs for a leasehold home. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Bishops Cleeve. If you hold a share in a the freehold, you should ensure that you are holding the original share certificate. Organising a new share certificate can be a lengthy formality and slows down many a Bishops Cleeve conveyancing deal. If a reissued share certificate is necessary, do contact the company director and secretary or managing agents (where applicable) for this as soon as possible.

I purchased a ground floor flat in Bishops Cleeve, conveyancing formalities finalised 9 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Bishops Cleeve with a long lease are worth £227,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ceases on 21st October 2097

With 72 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 as well as costs.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.