Much to our surprise we have been notified by our mortgage adviser that my Allestree solicitor is not on the mortgage company Conveyancing panel. What can I do to be certain whether this is indeed the case?
The sensible course of action for you to take is to call your Allestree conveyancer. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they may recommend you to a Allestree conveyancing firm that is on the approved list of lawyers for your bank.
In what way does my ID and proof of funds have anything to do with my conveyancing in Allestree? Why is this being asked of me?
It is indeed that case that these requests have nothing to do with conveyancing in Allestree. Nowadays you will not be able to proceed with any conveyancing deal if you have not supplying evidence of your identity. This usually takes the form of a either your passport or driving licence plus a utility bill. Remember if you are supplying your driving licence as proof of ID it must be both the paper part and photo card part, one is not acceptable without the other.
Verification of your origin of monies is mandated in accordance with the Money Laundering Regulations. Don’t be offended when you are asked to produce this as your conveyancer will need to have this information on record. Your Allestree conveyancing solicitor will need to see evidence of proof of funds before they are able to accept any monies from you into their client account and they may also ask additional questions regarding the source of funds.
I have paid off my mortgage with Co-operative. I assume I don't need a Allestree solicitor on the Co-operative panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Co-operative mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Co-operative mortgage from the register. Co-operative, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
I am selling my house. I had a double glazing fitted in January 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Aldermore are being pedantic. The Allestree solicitor who is on the Aldermore conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Aldermore are insisting on a building regulation certificate. Why do Aldermore have a conveyancing panel if they don't accept advice from them?
It is probably the case that Aldermore have referred the matter to their valuer. The reason why Aldermore may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Nottingham have agreed my mortgage in principle, my bid on a apartment in Allestree has been agreed to, what are the next steps?
Your estate agent will wish to be advised as to your solicitor's details (make sure the conveyancers are on the lender’s panel). Telephone Nottingham or your financial adviser and complete any relevant paperwork. Nottingham will sellect a valuer who will get in contact with the selling agent or vendor to arrange an appointment. Once carried out (assuming no problems) it takes approximately a week to receive the mortgage offer. Nottingham will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Allestree.
Due to the encouragement of my in-laws I had a survey completed on a property in Allestree before instructing conveyancers. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some banks tend refuse to issue a loan on a flying freehold premises.
It varies from the lender to lender. Lloyds has different requirements for example to Nationwide. Should you wish to call us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Allestree. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Allestree to see if the conveyancing will be more expensive.
Should I be concerned that brokers that I am dealing with are encouraging me to use a national conveyancing firm as opposed to a local Allestree conveyancing company?
As is the case with many service providers, often referrals from connections can be worth their weight in gold. But there are many parties with a keen interest in a conveyancing transaction; estate agents, mortgage brokers and banks might all put forward solicitors to retain. Sometimes these conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there is an underlying commercial relationship behind the endorsement. You have the discretion to appoint your preferred conveyancer. However, bear in mind that many lenders specify a panel list of lawyers you have to use for the mortgage aspect of your home move.
I am looking at a couple of flats in Allestree both have about forty five years unexpired on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Allestree is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. For most buyers and lenders, leases with less than 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 a property 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 Allestree conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.
I invested in buying a garden flat in Allestree, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Allestree with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 per annum. The lease expires on 21st October 2078
You have 53 years unexpired we estimate the premium for your lease extension to span between £27,600 and £31,800 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.