In what way does my ID and proof of funds have anything to do with my conveyancing in Hermitage? Why is this being asked of me?
Hermitage conveyancing solicitors and indeed property lawyers accross the UK have an obligation under Anti-terror and anti-money-laundering rules to check the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and proof of address (usually a Bank Statement less than 3 months old).
Evidence of the origin of funds is also necessary under the money laundering regulations as lawyers are obliged to ensure that the monies you are using to acquire a property (whether it be the deposit for exchange or the total purchase amount where you are a cash purchaser) has originated from an acceptable source (such as employment savings) rather than the product of illegitimate activity.
is it true that all Hermitage solicitor practices on the Principality conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Principality approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Some mortgage companies do list licenced conveyancers on their panel and in such a situation the practice would be regulated by the Council of Licensed Conveyancers.
I am selling my house. I had a double glazing fitted in September 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Nottingham are being a right pain. The Hermitage solicitor who is on the Nottingham conveyancing panel is recommending indemnity insurance as a solution but Nottingham are requiring a building regulation certificate. Why do Nottingham have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nottingham have referred the matter to their valuer. The reason why Nottingham 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.
I was told four weeks ago that my mortgage has been agreed to by Virgin Money. Is it usual for Virgin Money to only issue the offer once my solicitor in Hermitage is approved on their conveyancing panel? Virgin Money have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Virgin Money to deal with your lawyer's application to be on the Virgin Money conveyancing panel. There's no guarantee that your solicitor will be accepted.
How does conveyancing in Hermitage differ for newly converted properties?
Most buyers of new build premises in Hermitage contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because house builders in Hermitage usually buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Hermitage or who has acted in the same development.
I have been on the look out for a ground for flat up to £195,000 and identified one round the corner in Hermitage I like with amenity areas and transport links nearby, however it only has 51 years unexpired on the lease. There is not much else in Hermitage in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan the remaining unexpired lease term will be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current 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 existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
What does commercial conveyancing in Hermitage cover?
Non domestic conveyancing in Hermitage incorporates a broad range of guidance, given by regulated solicitors, relating to business premises. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
I am looking at a two maisonettes in Hermitage which have in the region of 50 years remaining on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Hermitage is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most buyers and lenders, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Hermitage conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Hermitage Leasehold Conveyancing - A selection of Questions you should ask before buying
Its a good idea to find out as much as you can about the company managing the block as they will impact your use and enjoyment of the property. As the owner of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to every day matters like the upkeep of the communal areas. You should not be shy to ask other tenants whether they are happy with their service. Finally, find out the dates that you are obliged pay the service charge to the managing agents and precisely how they are spending the funds. Are there any major works on the horizon that could add a premium to the service fees?