Me and my partner are purchasing a 3 bedroom apartment in Aldermanbury with a mortgage. We like our Aldermanbury lawyer, however the bank advise he's not on their "panel". It seems we have little choice but to use one of the mortgage company panel firms or continue with our Aldermanbury lawyer and pay for one of their panel firms to represent them. We consider that this is unjust; can we not require that the mortgage company use our Aldermanbury lawyer ?
Unfortunately,no. The mortgage offered to you 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 Aldermanbury 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 Aldermanbury? Why is this being asked of me?
Aldermanbury conveyancing solicitors as well as nationwide property lawyers accross the UK have an obligation under money laundering regulations to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and proof of address (typically a Utility Bill no more than three months).
Evidence of source of monies is also required under the money laundering regulations as solicitors have a duty to investigate that the funds you are using to acquire a property (whether it be the deposit for exchange or the full purchase amount where you are buying without a mortgage) has originated from legitimate source (such as an inheritance) and is not the fruits of illegitimate behaviour.
I am considering applying for a Aldermore mortgage for purchase of a new build (under development) in Aldermanbury with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Aldermore ?
In theory, you could use a solicitor that is not on the Aldermore conveyancing panel, but Aldermore would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Due to the encouragement of my in-laws I had a survey completed on a house in Aldermanbury before appointing conveyancers. I have been informed that there is a flying freehold aspect to the house. Our surveyor has said that some lenders tend refuse to grant a mortgage on this type of premises.
It varies from the lender to lender. Bank of Scotland has different instructions from Birmingham Midshires. If you call us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Aldermanbury. Conveyancing will be smoother if you use a solicitor in Aldermanbury especially if they regularly deal with such properties in Aldermanbury.
Hoping to buy a property located in Aldermanbury and I am already nervous. I couldn't find anything specific about Aldermanbury. Conveyancing will be needed in due course but do you know about the Aldermanbury area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Aldermanbury. In the meantime here are some basic statistics that we found
I am tempted by the attractive purchase price for a two maisonettes in Aldermanbury both have about fifty years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Aldermanbury is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of buyers and banks, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 premises 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 Aldermanbury 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.
After years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Aldermanbury. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to calculate the price.
An example of a Lease Extension case for a Aldermanbury property is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case affected 2 flats. The unexpired term was 72.39 years.