Me and my fiance are purchasing a 3 bedroom apartment in Beaconsfield with a mortgage. We have a Beaconsfield conveyancer, however the mortgage company advise he's not on their "panel". We have to appoint one of the bank panel firms or continue with our Beaconsfield lawyer and pay for one of their panel lawyers to act for them. This feels very unfair; are we not able to require that the lender use our Beaconsfield lawyer ?
No, not really. 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 Beaconsfield conveyancing solicitor to apply to be on the conveyancing panel.
I am getting closer to an exchange on a house in Beaconsfield and my mum and dad have transferred the exchange deposit to my lawyer. I am now informed that as the deposit has been sent from someone other than me my solicitor needs to disclose this to my lender. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I informed the lender regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
Your lawyer is duty bound to clarify with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Beaconsfield? Why is this being asked of me?
Beaconsfield conveyancing solicitors as well as nationwide property lawyers accross the UK have a duty 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 identity (usually a Passport or Driving Licence) and proof of address (usually a Utility Bill no older than three months).
Evidence of source of monies is also necessary in compliance with the money laundering statutes as lawyers are obliged to check that the funds you are using to acquire a property (whether it be the deposit for exchange or the full purchase monies if you are a cash purchaser) has come from a reputable source (such as employment savings) as opposed to the proceeds of criminal activity.
I have justdiscovered that Action Conveyancing have been shut down. They conducted my conveyancing in Beaconsfield for a purchase of a leasehold apartment 10 months ago. How can I establish that my home is not still registered in the name of the former proprietor?
The quickest method to see if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Beaconsfield conveyancing specialists.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a quick, no chain conveyancing. Beaconsfield is the location of the property. Is there any guidance you can give?
Flying freeholds in Beaconsfield are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Beaconsfield you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Beaconsfield may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am tempted by the attractive purchase price for a two apartments in Beaconsfield which have in the region of fifty years left on the leases. Will this present a problem?
A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorates and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this arena.
Beaconsfield Leasehold Conveyancing - A selection of Questions you should consider Prior to buying
You will want to discover as much as possible about the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents from a financial perspective and when it comes to practical issues like the cleanliness of the communal areas. Don't be shy to ask other people what they think of their management. Finally, be sure you know the dates that you are obliged pay the service charge to the relevant party and precisely what it includes. What is the length of the lease? It is important to be aware whether fixing the lift or some other significant cost is coming up that will be shared between the leaseholders and will dramatically impact the level of the service charges or necessitate a one off payment.