Me and my partner are purchasing a 1 bedroom apartment in Thornton Cleveleys with a mortgage. We like our Thornton Cleveleys conveyancer, however the bank advise he's not on their "panel". It appears that we have little option but to select one of the bank panel firms or keep our Thornton Cleveleys lawyer as well as pay for one of their panel ones to act for them. This seems very unfair; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Thornton Cleveleys conveyancing solicitor to apply to be on the conveyancing panel.
What does my ID and proof of funds have anything to do with my conveyancing in Thornton Cleveleys? Is this really necessary?
To satisfy the Money Laundering Regulations any Thornton Cleveleys conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing your correct address.
In accordance with Money Laundering Regulations, conveyancers are obliged by law to ascertain not simply the ID of conveyancing clients but also the origin of fund that they receive in respect of any matter. An unwillingness to disclose this will lead to your solicitor cancelling their retainer 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 consider that any monies received by them may contravene the Money Laundering Regulations.
Do I need to attend the offices of the solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Thornton Cleveleys so that I can pop in to their offices when needed.
These days conveyancing panel lawyers for mortgage companies conduct their work through Royal Mail, internet or over the phone. This means that they can undertake the legal work for your home move regardless of where you live in the country. That being said you can check if you have the option of attending the offices of your conveyancing lawyer if you prefer.
My husband and I are new on the property ladder - agreed a price, yet the property agent informed us that the vendor will only proceed if we appoint their chosen solicitors as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a family conveyancer who is accustomed to conveyancing in Thornton Cleveleys
We suspect that the seller is unaware of this ultimatum. Should the seller want ‘a quick sale', taking such a hostile approach to a motivated buyer is going to damage their objectives. Contact the owners directly and make sure they comprehend that (a)you are genuine purchasers (b)you are ready to progress, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you will continue to use your preferred Thornton Cleveleys conveyancing solicitors - as opposed tothe ones that will provide their estate agent a referral fee or meet his conveyancing targets pre-set by HQ.
I've recently bought a leasehold house in Thornton Cleveleys. Am I liable to pay service charges relating to a period prior to completion of my purchase?
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. A critical element 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 purchased a ground floor flat in Thornton Cleveleys, conveyancing formalities finalised December 2005. Can you work out an approximate cost of a lease extension? Similar flats in Thornton Cleveleys with over 90 years remaining are worth £201,000. The ground rent is £45 per annum. The lease runs out on 21st October 2089
With 64 years left to run we estimate the premium for your lease extension to be between £14,300 and £16,400 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered 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 seeking the advice of a professional.