In what way does my ID and proof of funds have anything to do with my conveyancing in Poundbury? What am I being asked for?
Poundbury conveyancing solicitors and indeed property practitioners accross the UK have a duty under money laundering regulations to check the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (typically a Utility Bill no more than three months).
Evidence of the origin of funds is also required under the money laundering laws as conveyancers are mandated to ensure that the monies you are using to acquire a property (whether it be the deposit for exchange or the total purchase price where you are buying without a mortgage) has originated from legitimate source (such as an inheritance) rather than the fruits of criminal behaviour.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Poundbury?
There are many recorded licenced Conveyancers in Poundbury and Solicitor practices in Poundbury who provide Conveyancing services We would stress that the two are regulated professionals specialising in the legal work in the home buying process. The two can deal with other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
How can we know in advance if a Poundbury conveyancing solicitor on the Bank of Ireland panel is any good?
When it comes to conveyancing in Poundbury getting recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advocate that you speak with the solicitor conducting your transaction.
The formalities of my remortgage has taken place for my property in Poundbury. Conveyancing was a necessary evil but I would like to complain about the lender. How do I make a complaint?
Most lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. In most cases complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one close by in Poundbury I like with open areas and transport links nearby, however it's only got 49 remaining years left on the lease. I can't really find anything else in Poundbury in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the shortness of the lease may be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
We're FTB’s - agreed a price, yet the agent informed us that the owners will only proceed if we use the agent's chosen solicitors as they want a ‘quick sale’. My instinct tells me that we should use a high street solicitor who is accustomed to conveyancing in Poundbury
It is improbable the vendors are driving this. If they desire ‘a quick sale', taking such a hostile approach to a serious purchaser is not the way to achieve this. Avoid the agents and go straight to the sellers and make the point that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you are unencumbered (d) you wish to move quickly (e)however you will continue to instruct your preferred Poundbury conveyancing solicitors - not the ones that will earn the estate agent a referral fee or hit his conveyancing targets set by corporate headquarters.
When it comes to leasehold conveyancing in Poundbury what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Poundbury. Most leases are individual and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
A duty to insure the building A provision to repair to or maintain elements of the property
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Virgin Money, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.
Poundbury Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
You will want to find out as much as you can concerning the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to every day issues like the upkeep of the communal areas. Enquire of other people what they think of them. Finally, be sure you discover the dates that you are obliged pay the service charge to the relevant party and specifically how they are spending that money. The prefered form of lease structure is a share of the freehold. In this arrangement the lessees have being in charge if their destiny and although a managing agent is frequently employed if it is larger than a house conversion, the managing agent acts for the leaseholders themselves.
Myself and my fiance have recently had an offer agreed on a flat and had meeting on Tuesday with Nationwide for the mortgage. They warned me that when it comes to appointing a conveyancer that if they are not on their approved list of property lawyers then we will have to pay out an additional fee of £200. This is because they would then have to instruct a solicitor to act on their behalf as well as the one we select for ourselves and we will be on the hook for their invoice. I have requested Nationwide to provide me with a list so I can seek estimates only from their approved conveyancers but was told they dont have such a list to hand over. Is there a list online?
Ask Nationwide what their criteria for joining their panel is for a solicitor.Thereafter ask the conveyancer of your choice whether they fit that criteria and have they acted on loans for Nationwide in the past. If the answer to those is yes, then just clarify this with Nationwide. Alternatively please make use of our search facility and we may be able to find you a conveyancer in Poundbury on the approved list for Nationwide.