My fiance and I are hoping to purchase a house in Saltash and are in fact using a Saltash conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. The Royal Bank of Scotland have this evening contacted us to inform me that they have now hit a problem as our Saltash lawyer is not on their approved list of lawyers. What do we do from here?
If you are buying a property with the assistance of a mortgage it is conventional for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Saltash solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
What does my ID and proof of funds have anything to do with my conveyancing in Saltash? Why is this being asked of me?
It is indeed that case that these requests have nothing to do with conveyancing in Saltash. Nowadays you can not proceed with any conveyancing deal in the absence providing proof of your identity. Ordinarily this takes the form of a either your passport or driving licence and a utility bill. Please note that if you are supplying your driving licence as evidence of ID it must be both the paper element as well as the photo card part, one is not sufficient without the other.
Verification of the origin of monies is mandated in accordance with the Money Laundering Regulations. Please do not be offended when when this is requested of you as your conveyancer must have this information on file. Your Saltash conveyancing practitioner will need to see evidence of proof of funds prior to accepting any monies from you into their client account and they will also ask further questions regarding the source of monies.
I'm purchasing my first flat in Saltash with a loan from Godiva Mortgages Ltd. The developers refused to budge the amount so I negotiated five thousand pounds worth of additionals instead. The property agent suggested that I not disclose to my solicitor about this deal as it would put at risk my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Over the last few months I have been searching for a flat up to £195,000 and identified one close by in Saltash I like with open areas and transport links nearby, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Saltash for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan that many years will likely be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I need to find a conveyancing solicitor for sale conveyancing in Saltash. I happened to land on a web site which seems to have the ideal solution If it is possible to get all the legals completed via web that would be preferable. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Is there a distinction between surveying and conveyancing in Saltash?
Conveyancing - in Saltash or elsewhere - is the legal term given to transferring legal title of property from one person to another. It therefore includes the checking of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you’re buying and will help you discover the condition of the building and, if there are problems, give you a powerful reason for negotiating the purchase price down or asking the seller to fix the problems prior to you complete your move.