I am hoping to receive a mortgage with Halifax. My intention is to use a Licensed Conveyancer in Arnold. Does the Halifax Solicitor panel include conveyancers regulated by the CLC?
The Halifax approved solicitor list is, like many other lenders, represented by the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
In what way does my ID and proof of funds have anything to do with my conveyancing in Arnold? Why is this being asked of me?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to verify the identification documents of the potential client they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you are required to sign should confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. If you refuse to provide identification documents, your solicitor would not be able to act for you.
We wanted to use a conveyancing solicitor in Arnold for our house purchase. Our broker informed us that our mortgage company Barnsley Building Society won't deal with them. Why is this not regarded as unfair competition?
Pre- 2008 most lenders had an appetite for risk which was higher than today. Almost all Arnold conveyancing firms would have been on many lender panels. The financial services regulator in 2010 conducted a thematic review into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more information from law firms concerning their operations and their employees and establishing certain criteria such a completing on a minimum volume of transactions. Many Arnold conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Arnold is one of the many locations where the conveyancers showing on our search results are members of the panel for Barnsley Building Society.
Just acquired a detached house in Arnold , how long will it take for the Land Registry to deal with the formalities evidencing the transfer to my name? My Arnold conveyancing solicitor works at snail pace, so I want to be sure that my name is registered.
As far as conveyancing in Arnold registration is no quicker or slower than anywhere else in England and Wales. Rather than based on location, timeframes can differ subject to who lodges the application, whether it is in order and if the Land registry need to notify any interested parties. As of today approximately three quarters of such applications are completed in less than three weeks but occasionally there can be longer hold-ups. Historically registration occurs once the purchaser is living at the premises therefore post completion formalities is not usually top priority but where it is urgent that the the registration takes place urgently then you or your lawyers should speak with the land registry and explain the circumstances.
I was pointed in your direction by three or four local property agents in Arnold to find a solicitor on your site. What’s the financial advantage for Estate Agents to promote your lawyers over another?
We don’t offer any financial incentive for sending work to this site. We found it would be just too difficult a fee as home movers will think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am tempted by the attractive purchase price for a two apartments in Arnold both have in the region of forty five years left on the leases. Will this present a problem?
There are plenty of short leases in Arnold. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena.
I inherited a ground floor flat in Arnold, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Similar properties in Arnold with an extended lease are worth £260,000. The ground rent is £50 levied per year. The lease expires on 21st October 2099
With just 75 years unexpired we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.