The Cockermouth conveyancing firm handling our Cockermouth conveyancing has discovered an inconsistency when comparing the surveyor’s assumptions in the valuation report and what is in the title deeds. My lawyer says that he needs to check that the bank is OK with this discrepancy and is content to go ahead. Is my solicitor’s course or action legitimate?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
In what way does my ID and proof of funds have anything to do with my conveyancing in Cockermouth? What am I being asked for?
You are right in these requests have nothing to do with conveyancing in Cockermouth. Nowadays you can not proceed with any conveyancing process if you have not supplying proof of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a council tax bill. Remember if you are providing your driving licence as evidence of ID it needs to be both the paper part as well as the photo card part, one is not sufficient without the other.
Verification of the origin of monies is mandated under Money Laundering Regulations. Please do not be offended when when this is requested of you as your conveyancing solicitor must retain this information on record. Your Cockermouth conveyancing lawyer will require evidence of proof of funds before they are able to accept any monies from you into their client account and they will also ask further queries regarding the source of funds.
Is it necessary during the course of the conveyancing process to attend the offices of the solicitor to sign the mortgage deed? If so, I will instruct a firm who offer conveyancing in Cockermouth so that I can pop in to their offices if necessary.
As opposed to ten years ago, almost all banks no longer oblige their conveyancing panel solicitor to witness the mortgagors signature. You will still be obliged to hand over ID documents and there are still manifest advantages to using a local practitioner, in your case a conveyancing solicitor in Cockermouth.
I have recentlybeen informed that Wolstenholmes have been shut down. They conducted my conveyancing in Cockermouth for a purchase of a leasehold flat 10 months ago. How can I establish that the property is registered correctly in the name of the previous owner?
The quickest way to see if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Cockermouth conveyancing specialists.
I have been on the look out for a ground for flat up to £195,000 and found one near me in Cockermouth I like with open areas and railway links nearby, the downside is that it's only got 51 years on the lease. I can't really find anything else in Cockermouth suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you could request that they start the process of the extension and pass 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 lawyer concerning this.
What are your top tips when it comes to appointing a Cockermouth conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Cockermouth conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Cockermouth conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be helpful:
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Can they put you in touch with clients in Cockermouth who can give a testimonial? If the firm is not ALEP accredited then why not?
I own a leasehold flat in Cockermouth, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Cockermouth with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease terminates on 21st October 2082
You have 56 years unexpired we estimate the premium for your lease extension to be between £29,500 and £34,000 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.