In what way does my ID and proof of funds have anything to do with my conveyancing in New Invention? Why is this being asked of me?
New Invention conveyancing solicitors and indeed property lawyers accross the UK have an obligation under money laundering regulations to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and evidence of address (usually a Utility Bill less than 3 months old).
Confirmation of source of funds is also required in accordance with the money laundering statutes as conveyancers are required to check that the money you are using to buy a property (whether it be the deposit for exchange or the full purchase amount where you are buying mortgage free) has come from an acceptable source (such as employment savings) and is not the product of illegitimate behaviour.
My fiance and I intend to purchase a 1 bedroom apartment in New Invention with a homeloan from Alliance & Leicester .We use our New Invention conveyancing lawyer but Alliance & Leicester advised that he's not on their "panel". We have to appoint a Alliance & Leicester panel lawyer or keep our preferred solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Alliance & Leicester use our lawyer?
No, not really. The loan issued to you is subject to its various provisions, a common one being that conveyancers must be on the Alliance & Leicester approved list. in the past, most mortgage companies had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Alliance & Leicester
Are all New Invention Conveyancing Quality Solicitors on the Co-operative conveyancing list of approved solicitors?
It is true that some banks and building societies now make use of CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of firms.
I have today made my last payment due on my mortgage with Aldermore. I assume I don't need a New Invention solicitor on the Aldermore panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Aldermore mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Aldermore mortgage from the register. Aldermore, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Aldermore has sent the Land Registry the discharge electronically, and
- Aldermore has instructed the Land Registry to do so
My sealed bid on a semi in New Invention has been accepted, the sellers do nevertheless have a dependent purchase. The owners have put an offer on on an apartment, however it’s not yet tied up, and have viewings of other apartments in the pipeline. I have instructed a high street conveyancing solicitor in New Invention. What do I do now? At what point should I apply for the mortgage with Nottingham?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx £1k, then valuation, New Invention conveyancing search fees, etc). The first course of action is to check that your conveyancer is on the Nottingham approved list. As to the subsequent phase this very much depends on the uniqueness of your transaction, desire for this property and on the state of the market. During a rising market the majority of purchasers will apply for the mortgage with Nottingham and pay for the valuation and only if it was satisfactory would they pay their lawyer to move forward with the conveyancing in New Invention.
I'm remortgaging my existing house to a buy to let mortgage with The Royal Bank of Scotland and I will use the ballance of the raised equity as a down payment on further property. The area we are interested in is New Invention. Will your lawyers be able to act for the two banks and tie in the conveyances?
Make use of our comparison tool on this site to be sure that the solicitors are on the relevant lender panels. Having checked that they are the lawyer should be able to tie up the two transactions but you should talk with you solicitor and specify your expectations and needs.
Last April I purchased a leasehold house in New Invention. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the registered owner of a 1 bedroom flat in New Invention, conveyancing was carried out in 2000. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in New Invention with over 90 years remaining are worth £186,000. The ground rent is £55 invoiced every year. The lease ceases on 21st October 2077
With only 52 years unexpired the likely cost is going to range between £29,500 and £34,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
Are all New Invention legal practices on every bank conveyancing panel?
You can use our search tool or you can go into your high street bank branch in New Invention. the probability is that they can recommend conveyancing solicitors in New Invention