What does my ID and proof of funds have anything to do with my conveyancing in Whimple? What am I being asked for?
Whimple conveyancing solicitors and indeed property practitioners throughout the UK have a duty under money laundering regulations to check the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and evidence of address (typically a Utility Bill no more than three months).
Proof of the origin of monies is also necessary under the money laundering statutes as solicitors are mandated to investigate that the monies you are using to acquire a property (whether it be the deposit for exchange or the full purchase monies if you are a cash purchaser) has originated from legitimate source (such as an inheritance) as opposed to the fruits of illegitimate behaviour.
The Whimple conveyancing firm that just started acting on my purchase in Whimple have without warning closed. I chose them because I had to have a solicitor on the Nationwide conveyancing panel and my family Whimple lawyer was not. I wrote them a cheque for two hundred pounds in advance. What are my options?
If you have an estate agent involved then inform them straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Nationwide conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
I am buying a new build house in Whimple with the aid of help to buy. The builders refused to move on the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not reveal to my lawyer about the deal as it may impact my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
How do I use the search facility to locate a conveyancing practitioner in Whimple on the authorised to act for my lender?
Step one is to pick a bank such as National Westminster Bank, The Royal Bank of Scotland or Barclays Direct then choose your location for example Whimple. Conveyancing firms in Whimple and nationally should be listed.
I am looking at a two flats in Whimple both have approximately forty five years left on the leases. should I be concerned?
There is no doubt about it. A leasehold apartment in Whimple is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of purchasers and mortgage companies, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Whimple conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I invested in buying a studio flat in Whimple, conveyancing having been completed 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Whimple with an extended lease are worth £181,000. The ground rent is £55 invoiced every year. The lease ceases on 21st October 2075
You have 51 years left to run we estimate the price of your lease extension to be between £30,400 and £35,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
I am thinking of choosing a web based lawyer as opposed to a Whimple conveyancing practice. Should I ‘stay local’?
Various benefits exist in being able to pop in to a local Whimple conveyancing solicitor such as
- signing documents and and when necessary
- getting one on one explanations of issues that need explaining
- the ability to raise concerns if matters are not going as expected
When comparing estimates, look carefully for hidden extras. The majority decent Whimple high street solicitors give an all-inclusive price. Many online companies seem to offer discounted fees, but have burried 'extras' in the in the terms and conditions.