What does my ID and proof of funds have anything to do with my conveyancing in Farnham? Is this really necessary?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to check the ID of the person or body they are dealing with before they can accept their conveyancing retainer. The Client Care letter that you are required to sign should stipulate this. Your lender will also require certain documents to be viewed. Should you refuse to hand over identification documents, your lawyer would not be able to accept instructions from you.
The Farnham conveyancing firm that I recently instructed on my house acquisition in Farnham have suddenly shut down. I only went with them because I needed a lawyer on the Nationwide conveyancing panel and my preferred Farnham lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What do I do now?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Nationwide conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to assist.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Farnham?
There are many registered licenced Conveyancers in Farnham and Solicitor firms in Farnham to choose from We would stress that both are regulated professionals specialising in the legal work in the home buying process. They may both also conduct other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Farnham bank branch on numerous occasions and was told it does not impact the mortgage offer and they will lend. My Farnham conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they would not lend based on their specific requirements. I simply don't know who is right.
As long as the property lawyer is on the lender approved list, they must comply with the CML Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 recently had an offer agreed on a house in Farnham. My financial adviser suggested a property lawyer. I paid an upfront payment of £175. A couple of days later, the conveyancing practitioner called me to say that they were not on the Coventry BS 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 Coventry BS 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.
I'm purchasing a new build house in Farnham benefiting from help to buy. The builders refused to budge the price so I negotiated £7000 of fixtures and fittings instead. The sale representative advised me not reveal to my solicitor about the side-deal as it will impact 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.
Is it simple use the search tool to select a conveyancing practitioner in Farnham on the panel for my bank?
1st select a mortgage company such as Nationwide Building Society, Norwich and Peterborough Building Society or Alliance & Leicester then type in your preferred area such as Farnham. Conveyancing organisations in Farnham and across England and Wales should be identified.
Having had my offer accepted I require leasehold conveyancing in Farnham. Before I get started I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and 99.9% are in Farnham - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I invested in buying a ground floor flat in Farnham, conveyancing having been completed December 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Farnham with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 per annum. The lease ceases on 21st October 2079
With only 55 years unexpired the likely cost is going to be between £31,400 and £36,200 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.