My IFA has asked me for my Costessey solicitor’s panel member for the Nationwide conveyancing panel. What is the best way to discover this. I have called my local Costessey branch but they don't know it.
Have you tried calling your Costessey solicitor about this?. Most Costessey conveyancing practices will retain a file or database of lender panel information which would include, if applicable, their conveyancing panel details for each bank.
In what way does my ID and proof of funds have anything to do with my conveyancing in Costessey? Is this really necessary?
In order to comply with Money Laundering Regulations any Costessey conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing your correct address.
Under Money Laundering Regulations, conveyancing solicitors are duty bound to check not only the ID of conveyancing clients but also the source of the money that they receive in respect of any matter. An unwillingness to disclose this may lead to your solicitor terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to make a disclosure to the relevant authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
This question may be naive but I am wet behind the ears as a 1st time buyer of a ground floor flat in Costessey. Do I collect the keys to the property on the completion date from my conveyancer? If so, I will appoint a local conveyancing solicitor in Costessey?
On the day of completion you will not be required to attend the conveyancers office in Costessey. Your solicitors will electronically transfer the purchase money to the owner’s solicitors, and shortly after the monies have arrived, you will be able to collect the keys from the selling Agents and start moving into the property. Usually this happens between 1 and 3pm.
I can not fathom if my mortgage offer requires a lease extension. I have called into my local Costessey building society branch on various occasions and was told it wasn't a problem and they will lend. My Costessey conveyancing solicitor - who is on the lender conveyancing panel- called to say that they would not lend based on their published requirements. I simply don't know who is right.
Provided that the lawyer is on the lender panel, she or he must comply with the CML Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am due to exchange contracts on my house. I had a double glazing fitted in October 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Coventry BS are being pedantic. The Costessey solicitor who is on the Coventry BS conveyancing panel is recommending indemnity insurance as a solution but Coventry BS are insisting on a building regulation certificate. Why do Coventry BS have a conveyancing panel if they don't accept advice from them?
It is probably the case that Coventry BS have referred the matter to their valuer. The reason why Coventry BS 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.
Despite weeks of looking the Title Certificate and documents to our home can not be found. The lawyers who dealt with the conveyancing in Costessey 4 years ago no longer exist. What are my next steps?
You no longer need to hold title deeds to establish that you are the owner of your registered land or property, as the Land Registry have everything they need in a digital format.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one round the corner in Costessey I like with open areas and transport links in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in Costessey in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage the shortness of the lease may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
I have been recommended by three or four local property agents in Costessey to find a conveyancer on your site. What’s the financial upside for Estate Agents to offer your services over and above alternative conveyancing organisations?
We don’t give any commission for pointing buyers and sellers our way. We found it would be just too difficult a fee because members of the public would think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.