I am due to exchange buying a house in Frome but as a result of damage from the recent storms I have was able negotiate compensation from the current proprietors in the sum of £3k taking the form of a deduction in the price. I had intended this to be dealt with as part of amending the contract yet Nationwide will not agree to this. Should they have been informed?
Your property lawyer that is on the Nationwide approved list is required to inform Nationwide of any changes to the sale price. If you were to refuse your conveyancer to report the price change to Nationwide then they would have to discontinue acting for you. In addition, Nationwide and you would have to appoint a new lawyer for your conveyancing in Frome.
What does my ID and proof of funds have anything to do with my conveyancing in Frome? Is this really necessary?
In order to comply with Money Laundering Regulations any Frome conveyancing firm will require proof of identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing where you live.
In accordance with Money Laundering Regulations, conveyancers are duty bound to investigate not just the ID of conveyancing clients but also the origin of monies that they receive in respect of any matter. An unwillingness to disclose this will result in your conveyancer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to notify the appropriate authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
A relative informed me that in buying a property in Frome there could be a number of restrictions affecting the ability to carry out external alterations to a property. Is this right?
There are a number of properties in Frome which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Frome should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have paid off my mortgage with TSB. I assume I don't need a Frome conveyancing practitioner on the TSB panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your TSB 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 TSB mortgage from the register. TSB, 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 TSB has sent the Land Registry the discharge electronically, and
- TSB has instructed the Land Registry to do so
After much negotiation I have agreed a price on a house in Frome. My financial adviser recommended their conveyancers. I paid an upfront payment of £225. A few days later, the property lawyer called me sheepishly admitting that they were not on the Coventry BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Coventry BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I have been on the look out for a ground for flat up to £235,500 and identified one close by in Frome I like with amenity areas and station nearby, the downside is that it only has 49 years on the lease. There is not much else in Frome for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan that many years may be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months 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 term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
Is planning permission needed to convert a house into multiple appartments in Frome? This has been carried out to a property next door to a relative in Frome and was unaware of the conversion until it was complete.
Planning Permission yes. Building Regulations yes.