My New Mills lawyer has spotted an inconsistency when comparing the information in the valuation report and what is in the legal papers for the property. My lawyer says that he is obliged to ensure that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s course or action appropriate?
Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
In what way does my ID and proof of funds have anything to do with my conveyancing in New Mills? Why is this being asked of me?
New Mills conveyancing solicitors and indeed property practitioners accross the UK have a duty under Anti-terror and anti-money-laundering rules to verify the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and proof of address (usually a Utility Bill less than 3 months old).
Confirmation of source of monies is also required under the money laundering regulations as lawyers are duty bound to investigate that the monies you are utilising to purchase a property (whether it be the deposit for exchange or the total purchase price if you are a cash purchaser) has come from legitimate source (such as employment savings) and is not the fruits of illegitimate behaviour.
We had appointed conveyancing lawyers with offices in New Mills on the Skipton solicitor approved list. They have just invoiced me an additional amount for dealing with the Skipton mortgage. Is this a supplemental conveyancing fee specified by Skipton?
As unfair as it may appear, as long as it’s in their Terms of Engagement or Quote then yes your conveyancer is entitled to charge a fee for this. This fee is not set by Skipton but by your New Mills lawyer. Numerous firms on the Skipton panel will quote an ‘acting for lender’ fee and others do not.
I have decided to exercise my right to buy my property in New Mills off the council. I have a mortgage agreed with HSBC. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with HSBC, you will need to appoint a solicitor on the HSBC conveyancing panel.
I was told three weeks ago that my mortgage has been agreed to by Leeds Building Society. Is it usual for Leeds Building Society to only issue the offer once my solicitor in New Mills is approved on their conveyancing panel? Leeds Building Society 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 Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
It has been five months following my purchase conveyancing in New Mills concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in New Mills differ for newly converted properties?
Most buyers of new build property in New Mills contact us having been asked by the seller to exchange contracts and commit to the purchase even before the property is ready to move into. This is because developers in New Mills tend to purchase the site, 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 conveyancers 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 accustomed to new build conveyancing in New Mills or who has acted in the same development.
Last April I purchased a leasehold property in New Mills. Am I liable to pay service charges for periods before my ownership?
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 acquired a leasehold flat in New Mills, conveyancing formalities finalised in 2011. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in New Mills with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 per annum. The lease finishes on 21st October 2078
With 54 years unexpired we estimate the price of your lease extension to range between £32,300 and £37,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.