In what way does my ID and proof of funds have anything to do with my conveyancing in Reading? Why is this being asked of me?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing instruction. The Terms and Conditions that you need to sign should reaffirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. If you refuse to hand over ID verification documents, your conveyancer will not be able to take you on as a client.
The Reading conveyancing solicitors that I appointed last week on my purchase in Reading have suddenly shut down. I only went with them because I had to have a solicitor on the HSBC conveyancing panel and my preferred Reading lawyer was not. I cut them a cheque for two hundred pounds in advance. What are my options?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the HSBC conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
Will our solicitor be making enquiries concerning flooding as part of the conveyancing in Reading.
The risk of flooding is if increasing concern for conveyancers carrying out conveyancing in Reading. Plenty of people will acquire a property in Reading, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, but there are a numerous searches that may be carried out by the buyer or by their solicitors which will give them a better appreciation of the risks in Reading. The conventional set of information supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the owner to determine if the property has historically flooded. In the event that flooding has previously occurred which is not disclosed by the owner, then a purchaser could bring a legal claim for losses as a result of such an misleading reply. The purchaser’s conveyancers will also commission an enviro report. This will higlight whether there is a recorded flood risk. If so, further investigations will need to be conducted.
I'm buying my first flat in Reading with a loan from Lloyds TSB Bank. The developers refused to budge the price so I negotiated £7000 of additionals instead. The property agent advised me not to tell my lawyer about this extras as it will affect my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Taking into account that I am about to part with £400,000 on a two bedroom apartment in Reading I would like to have a conversation with the conveyancer concerning thehome move in advance of giving the go ahead to the firm. Can this be arranged?
Absolutely - we would be delighted to talk to you we do not take any clients on without you liaising with the conveyancer due to be doing your conveyancing in Reading.There is no ‘factory style conveyancing’ - each client is an important individual, not a case reference. The practices that we put you in touch with believe that the figure you are provided with for residential conveyancing in Reading should be the amount on the final invoice that you are charged.
My fiance and I may need to rent out our Reading garden flat temporarily due to a career opportunity. We instructed a Reading conveyancing practice in 2003 but they have closed and we did not have the foresight to get any advice as to whether the lease allows us to sublet. How do we find out?
Notwithstanding that your last Reading conveyancing lawyer is no longer available you can check your lease to check if you are permitted to let out the premises. The rule is that if the lease is non-specific, subletting is permitted. There may be a precondition that you must seek permission from your landlord or other appropriate person before subletting. This means that you cannot sublet without first obtaining consent. Such consent must not not be unreasonably withheld. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I inherited a 1 bedroom flat in Reading, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Reading with an extended lease are worth £176,000. The ground rent is £50 levied per year. The lease runs out on 21st October 2105
You have 80 years left to run we estimate the premium for your lease extension to be between £7,600 and £8,800 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.