My partner and I are getting closer to an exchange on a property in Great Harwood and my mum and dad have sent the exchange deposit to my solicitor. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my mortgage company. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to be an issue?
The lawyer is obliged to clarify with mortgage company to make sure that they know that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
What does my ID and proof of funds have anything to do with my conveyancing in Great Harwood? What am I being asked for?
Great Harwood conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under Anti-terror and anti-money-laundering rules 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 (typically a Passport or Driving Licence) and evidence of address (typically a Utility Bill no older than three months).
Evidence of source of monies is also necessary under the money laundering laws as lawyers are obliged to ensure that the funds you are using to acquire a property (whether it be the deposit for exchange or the full purchase amount where you are a cash purchaser) has originated from legitimate source (such as an inheritance) rather than the fruits of criminal activity.
I am buying a new build house in Great Harwood with the aid of help to buy. The developers would not move on the amount so I negotiated five thousand pounds worth of additionals instead. The property agent told me not to tell my conveyancer about the side-deal as it may jeopardize my loan with Aldermore. 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.
My uncle has urged me to instruct his lawyers for conveyancing in Great Harwood. Should I use them?
Much as we are happy to recommend a Great Harwood conveyancing lawyer it’s preferable to find a conveyancing lawyer is to seek recommendations from friends or family who have experience in using the solicitor that you are are thinking of instructing.
Can you offer any advice when it comes to finding a Great Harwood conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Great Harwood conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Great Harwood conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be of use:
-
How many lease extensions have they conducted in Great Harwood in the last 12 months?
I acquired a basement flat in Great Harwood, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Great Harwood with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease runs out on 21st October 2092
With only 71 years remaining on your lease we estimate the price of your lease extension to span between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
My parents are unable to locate their Great Harwood property on the HMLR site. They have a vague recollection back in the 70’s when they acquired the property there were complications concerning Great Harwood not being recognised in some systems.
The vast majority of premises in Great Harwood should be revealed. Have you tried a search with simply the postcode. Usually it should mention all the properties inside the postcode. Where recorded it will show up with a title number. Where they bought back in the 60’s it's conceivable it may be unregistered. The address might still be revealed but with the title number shown 'na'. In this scenario you will need to locate the original title documentation which might be with your parent’s lender.