I have just been advised by my estate agent that my Silsoe solicitor is not on the lender Conveyancing panel. What can I do to be sure if this is correct?
Your first step should be to contact your Silsoe conveyancer. It is reasonable to expect your lawyer to notify you what has happened. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your mortgage company.
In what way does my ID and proof of funds have anything to do with my conveyancing in Silsoe? What am I being asked for?
Silsoe conveyancing solicitors and indeed property lawyers accross the UK have an obligation under money laundering regulations to verify the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and evidence of address (typically a Bank Statement no older than three months).
Confirmation of the origin of funds is also required in accordance with the money laundering laws as lawyers have a duty to ensure that the monies you are using to acquire a property (whether it be the deposit for exchange or the total purchase monies where you are a cash purchaser) has originated from legitimate source (such as an inheritance) rather than the fruits of illegitimate behaviour.
What will a local search reveal concerning the house I am purchasing in Silsoe?
Silsoe conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search company such as Searchflow The local search is essential in every Silsoe conveyancing purchase; as long as you wish to avoid any nasty once you have moved into your new home. The search will reveal information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
Due to the input of my in-laws I had a survey completed on a property in Silsoe prior to appointing solicitors. I have been told that there is a flying freehold aspect to the property. My surveyor advised that some lenders may refuse to issue a loan on this type of home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. If you call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Silsoe. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Silsoe to see if the conveyancing costs will increase in light of this.
How can the Landlord & Tenant Act 1954 impact my business property in Silsoe and how can you help?
The 1954 Act provides a safeguard to commercial tenants, granting the a statutory right to make a request to court for a continuation of occupancy at the end of the lease term. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Silsoe is one of the hundreds of locations in which our lawyers have offices
We own a leasehold flat in Silsoe. Conveyancing was finished in five years ago. I have heard that I mustn’t let the the remaining lease term to get too short. Why is that a problem?
Silsoe residential long term leases are for a set period - often just under one hundred years when they commenced. However many flats in Silsoe were built or converted 25 or more years ago and so these leases now have fewer than eighty years unexpired. That may seem like a long time but Banks, Building Societies and other mortgage companies generally need leases to have at least 75 years left to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are getting close to seventy five years. To enhance your property value you should be considering whether or not to extend your lease well in advance of selling the property. Please note that there are advantages to taking action before the lease reaches even 80 years as when the lease falls below eighty years the amount you have to pay to extend starts to escalate.