Me and my partner are buying a 1 bedroom flat in St Clears with a mortgage. We like our St Clears lawyer, but the mortgage company says he's not on their "panel". It seems we have little option but to use one of the mortgage company panel firms or retain our St Clears conveyancer as well as pay for one of their panel lawyers to act for them. We regard this is unjust; are we not able to demand that the bank use our St Clears solicitor ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your St Clears conveyancing lawyer to apply to be on the conveyancing panel.
What does my ID and proof of funds have anything to do with my conveyancing in St Clears? Is this really necessary?
You are right in the requirement set out by your solicitor has nothing to do with conveyancing in St Clears. Nowadays you can not proceed with any conveyancing transaction in the absence supplying proof of your identity. This usually takes the form of a either your passport or driving licence plus a bank statement. Remember if you are supplying your driving licence as proof of identification it must be both the paper element and photo card part, one is not acceptable without the other.
Verification of your source of funds is required in accordance with the Money Laundering Regulations. You should not be offended when when this is requested of you as your conveyancer must have this information on record. Your St Clears conveyancing practitioner will need to see evidence of proof of funds prior to accepting any funds from you into their client account and they may also ask further queries regarding the origin of monies.
My Conveyancer in St Clears has never been on on the National Westminster Bank Approved Panel. Is it possible for me to continue with my prefered solicitor notwithstanding that they are not on the National Westminster Bank approved list?
Your options are as follows:
- Complete the purchase with your existing St Clears lawyers but National Westminster Bank will need to use a solicitor on their list of acceptable firms. This will inevitably rack up the total legal fees as well as cause frustration.
- Find an alternative solicitor to to deal with the purchase, remembering to check they are on the National Westminster Bank panel
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a quick, no chain conveyancing. St Clears is the location of the property. What do you suggest?
Flying freeholds in St Clears are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside St Clears you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in St Clears may ascertain 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.
What does commercial conveyancing in St Clears cover?
St Clears conveyancing for business premises covers a wide range of guidance, offered by qualified solicitors, relating to business premises. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
I work for a long established estate agent office in St Clears where we see a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local St Clears conveyancing firms. Please can you confirm whether the seller 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 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 at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.
I purchased a basement flat in St Clears, conveyancing was carried out 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in St Clears with a long lease are worth £185,000. The ground rent is £65 yearly. The lease terminates on 21st October 2087
You have 61 years left to run we estimate the premium for your lease extension to range between £19,000 and £22,000 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.