I am approaching an exchange on a property in Kirkby Stephen and my mum and dad have sent the ten percent deposit to my lawyer. I am now advised that as the deposit has not come from me my solicitor needs to make a notification to my bank. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I disclosed to the lender about my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The conveyancer is legally required to clarify with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only report this to your mortgage company if you agree, 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 Kirkby Stephen? What am I being asked for?
Kirkby Stephen conveyancing solicitors and indeed property lawyers accross the UK have a duty under money laundering regulations to verify the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and evidence of address (usually a Utility Bill no more than three months).
Proof of the origin of funds is also required under the money laundering laws as lawyers are required to ensure that the monies you are utilising to purchase a property (be it the exchange deposit or the full purchase amount where you are buying without a mortgage) has originated from a reputable source (such as an inheritance) and is not the proceeds of illegitimate activity.
I am selling my apartment in Kirkby Stephen. Will my solicitor have to be on the Virgin Money conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Virgin Money conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently in recent years.
I am purchasing a house and the lawyer has referenced Chancel Repair to which the property could be obligated to contribute to because it falls into the area of such a church. She has mentioned insurance. Is this really warranted for conveyancing in Kirkby Stephen
Unless a prior purchase of the premises completed after 12 October 2013 you could expect conveyancing practitioners handling conveyancing in Kirkby Stephen to continue to recommend a chancel search and or insurance against a claim.
Over the last few months I have been searching for a flat up to £305k and found one close by in Kirkby Stephen I like with amenity areas and station in the vicinity, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Kirkby Stephen for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan that many years may be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I need to swap lawyers as my Kirkby Stephen lawyer is not on the mortgage company's approved list of conveyancing solicitors. Is it practical to instruct different lawyers?
If you haven't yet instructed a solicitor to do anything for you and have just received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Kirkby Stephen that you're considering.