In what way does my ID and proof of funds have anything to do with my conveyancing in Banbury? Is this really necessary?
Banbury conveyancing solicitors and indeed property practitioners throughout the UK have an obligation under money laundering regulations to check the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to produce two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement no older than three months).
Evidence of source of monies is also necessary in compliance with the money laundering regulations as lawyers are obliged to investigate that the money you are utilising to buy a property (whether it be the deposit for exchange or the total purchase amount where you are a cash purchaser) has come from legitimate source (such as an inheritance) rather than the fruits of illegitimate activity.
I have been referred to a conveyancing solicitor in Banbury. I need to find out if they are on the Bank of Ireland conveyancing panel. Can you help?
You should e-mail your conveyancer and ask them whether they are on the lender panel. Alternatively you should call Bank of Ireland who may be able to assist.
I am purchasing a property in Banbury. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Co-operative be concerned?
Given that your lender is Co-operative your lawyer must follow the formal instructions contained in Section 2 of UK Finance Lenders’ Handbook for Co-operative. The Council of Mortgage Lenders’ Handbook contains minimum conditions for solar panel roof-space leases, and conveyancers are required to report to Co-operative where a lease does not comply with these conditions. The requirements relate to the installation of panels on properties in England and Wales and is not isolated to Banbury.
I am currently in the process of buying my council flat in Banbury. I have a mortgage agreed with Coventry BS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Coventry BS, you will need to appoint a solicitor on the Coventry BS conveyancing panel.
After much negotiation I have agreed a price on a house in Banbury. My financial adviser suggested a conveyancing practitioner. I paid an on account payment of £150. A few days later, the conveyancing practitioner contacted me to say that they were not on the Virgin Money conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Virgin Money panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
It has been 2 months since my purchase conveyancing in Banbury concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am purchasing my first flat in Banbury with the aid of help to buy. The developers refused to reduce the amount so I negotiated £7000 of extras instead. The sale representative suggested that I not inform my solicitor about the extras as it may adversely affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
What are the common problems that you come across in leases for Banbury properties?
There is nothing unique about leasehold conveyancing in Banbury. All leases are drafted differently and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
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A duty to insure the building
You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Bank of Scotland, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I am the registered owner of a 1 bedroom flat in Banbury, conveyancing formalities finalised January 2005. Can you work out an approximate cost of a lease extension? Equivalent flats in Banbury with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 per annum. The lease terminates on 21st October 2101
You have 76 years remaining on your lease we estimate the premium for your lease extension to span between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.