I am acquiring a ground floor flat in Parkstone. My property lawyer is not on the lender conveyancing panel. Can I still appoint my Parkstone conveyancing solicitor notwithstanding that they are excluded from the bank panel of approved conveyancing solicitors?
One will need to instruct a property lawyer to deal with the legal work required if you take out a mortgage to buy your property. They will carry out all the necessary legal checks on the property, ensuring that you’re properly registered as the owner and ensure that all the necessary mortgage paperwork is in place. You could instruct a Parkstone lawyer of your choice. Nevertheless, where the conveyancer selected is not on the bank solicitor panel further charges will be incurred as separate legal representation will be need by the bank. Bank panel applications may be submitted, so where your solicitor has not in the past applied for membership they can do so.
In what way does my ID and proof of funds have anything to do with my conveyancing in Parkstone? Is this really warranted?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to verify the ID of the person or body they are dealing with prior to agreeing to accepting their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lender will also require certain documents to be viewed. Where you refuse to hand over ID verification documents, your solicitor will not be able to take you on as a client.
I happen to be the sole recipient of my late father’s estate with all property in now in my sole name, including the house in Parkstone. Conveyancing formalities meant that the Land Registry date was in October. I want to move. I understand that there is a Mortgage Lenders six month 'rule', which means that my property ownership will be regarded the same way as though I had purchased the house in October. Do I have to wait half a year to sell?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. Some lenders would take a practical view as this clause is chiefly there to capture the purchase and immediately sell or the flipping of property.
Are all Parkstone Conveyancing Quality Solicitors on the Virgin Money conveyancing list of approved solicitors?
A selection of lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
I was told four weeks ago that my mortgage has been agreed to by Coventry BS. Is it usual for Coventry BS to only issue the offer once my solicitor in Parkstone is approved on their conveyancing panel? Coventry BS have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Coventry BS to deal with your lawyer's application to be on the Coventry BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Parkstone is the location of the property. Is there any advice you can give?
Flying freeholds in Parkstone are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Parkstone you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Parkstone may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
My brother has suggested that I appoint his conveyancers in Parkstone. Do I take his recommendation?
There are no two ways about it the best way to choose a conveyancing solicitor is to seek guidance from friends or family who have used the conveyancer you're are thinking of instructing.
I work for a long established estate agent office in Parkstone where we have experienced a few flat sales derailed due to short leases. I have received inconsistent advice from local Parkstone conveyancing solicitors. Please can you confirm whether the owner of a flat can instigate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Parkstone Conveyancing for Leasehold Flats - Sample of Questions you should consider before Purchasing
How much is the ground rent and service charge? You should want to find out as much as possible concerning the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to practical matters such as the tidiness of the common parts. Ask other people if they are happy with them. On a final note, be sure you know the dates that you are obliged pay the service charge to the relevant party and specifically how they are spending that money. What restrictions are contained in the Parkstone Lease?