In what way does my ID and proof of funds have anything to do with my conveyancing in Adlington? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Adlington conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility bill showing where you reside.
Under Money Laundering Regulations, property lawyers are obliged by law to check not only the identity of conveyancing clients but also the source of monies that they receive in respect of any matter. An unwillingness to disclose this may lead to your solicitor terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to notify the relevant authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
Can you clarify what the consequences are if my solicitor is suspended from the Virgin Money Conveyancing panel ahead of completing my conveyancing in Adlington?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
We had selected solicitors located in Adlington on the Virgin Money solicitor panel. They have just invoiced me an additional charge for handling the Virgin Money mortgage. Is this an additional conveyancing fee specified by Virgin Money?
Provided it is contained in their Terms of Engagement or estimate then yes your lawyer can levy a fee for this. The charge is not dictated by Virgin Money but by your Adlington property lawyer. Plenty of firms on the Virgin Money panel will charge an ‘acting for lender’ fee and others do not.
We have agreed to purchase a house in Adlington. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Virgin Money be concerned?
Given that you are obtaining a mortgage with Virgin Money your lawyer must check the conveyancing requirements contained in Section 2 of UK Finance Lenders’ Handbook for Virgin Money. The Council of Mortgage Lenders’ Handbook includes minimum conditions for solar panel roof-space leases, and lawyers are required to report to Virgin Money where a lease does not meet these conditions. The conditions relate to the installation of panels on properties countrywide and is not restricted to Adlington.
I currently have a mortgage with Barclays for my property in Adlington. Conveyancing was finalised months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Barclays?
Barclays must be informed of your intention in advance of letting out your property as this is likely to be a breach of Barclays’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 Barclays directly. It should not be necessary to do this via a Barclays conveyancing panel solicitor.
How does conveyancing in Adlington differ for newly converted properties?
Most buyers of new build or newly converted property in Adlington approach us having been asked by the builder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Adlington usually purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Adlington or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one near me in Adlington I like with a park and transport links nearby, the downside is that it only has 52 remaining years left on the lease. There is not much else in Adlington suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I am tempted by the attractive purchase price for a two maisonettes in Adlington both have approximately forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the marketability of the lease deteriorates and results in it becoming more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena.
I acquired a basement flat in Adlington, conveyancing formalities finalised 5 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Adlington with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease finishes on 21st October 2080
You have 60 years unexpired we estimate the premium for your lease extension to be between £20,000 and £23,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. 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. Neither should you take any other action based on this information before getting professional advice.