My husband and I are looking to acquire a flat in Arnside and have instructed a Arnside conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Nationwide Building Society have this evening contacted us to advise us that they have now hit a problem as our Arnside lawyer is not on their approved list of lawyers. Is this a problem?
Where you are buying a property needing a mortgage it is standard for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Arnside solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
What does my ID and proof of funds have anything to do with my conveyancing in Arnside? What am I being asked for?
To satisfy the Money Laundering Regulations any Arnside 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 account evidencing your correct address.
In accordance with Money Laundering Regulations, conveyancers are obliged by law to ascertain not just the identity of conveyancing clients but also the source of fund that they receive in respect of any matter. An unwillingness to disclose this may result in your solicitor ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to make a disclosure to the relevant authorities should they believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
I am buying a new build apartment in Arnside. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Arnside
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply a car parking plan. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I am looking for a flat up to £245,000 and identified one near me in Arnside I like with open areas and railway links in the vicinity, however it's only got 51 years unexpired on the lease. There is not much else in Arnside suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan the remaining unexpired lease term may be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I've recently bought a leasehold house in Arnside. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Arnside Leasehold Conveyancing - Sample of Queries Prior to Purchasing
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Many Arnside leasehold flats will be liable to pay a service charge for the upkeep of the block set by the landlord. Should you acquire the property you will have to meet this amount, normally quarterly accross the year. This can vary from several hundred pounds to thousands of pounds for bigger purpose-built blocks. In all likelihood there will be a rentcharge to be met yearly, this is usually not a exorbitant sum, say about £25-£75 but you should to enquire it because occasionally it can be surprisingly expensive. It would be prudent to find out as much as possible about the company managing the block as they will affect your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to every day matters such as the cleanliness of the common parts. Enquire of other people whether they are happy with them. In conclusion, investigate as to the dates that the service fees are due to the appropriate party and specifically what you get for your money. How many of the leaseholders are in arrears for their service charge payments?
Some months ago I was informed by my mortgage company that their approved lawyers work on no move no fee basis for conveyancing in Arnside. My purchase fell through yet the conveyancers want search fees! They say the fees are nothing to do with their fees!
Arnside conveyancing search costs are disbursements not legal costs as these are due to a third party.