My husband and I are purchasing a 2 bedroom apartment in Stratford Upon Avon with a mortgage. We like our Stratford Upon Avon lawyer, however the mortgage company advise she’s not on their "panel". We have to appoint one of the mortgage company panel solicitors or retain our Stratford Upon Avon lawyer as well as pay for one of their panel lawyers to act for them. This seems very unfair; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’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 Stratford Upon Avon conveyancing solicitor to apply to be on the conveyancing panel.
In what way does my ID and proof of funds have anything to do with my conveyancing in Stratford Upon Avon? Is this really necessary?
Stratford Upon Avon conveyancing solicitors and indeed property lawyers accross the UK have a duty under Anti-terror and anti-money-laundering rules to verify the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and evidence of address (usually a Bank Statement less than 3 months old).
Proof of the origin of funds is also required under the money laundering regulations as conveyancers have a duty to check that the funds you are utilising to acquire a property (be it the exchange deposit or the total purchase price where you are buying without a mortgage) has come from an acceptable source (such as an inheritance) and is not the fruits of illegitimate activity.
I am the only recipient of my late father’s will and I have everything in my name alone, including the house in Stratford Upon Avon. Conveyancing formalities meant that the Land Registry date was in September. I want to move. I understand that there is a CML 6 month 'rule', meaning my property ownership could be regarded the same way as though I had purchased the property in September. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. How practical a view mortgage companies take of it, depend on the lender as this obligation is primarily there to pick up on the purchase and immediately sell or the flipping of property.
I am purchasing a property in Stratford Upon Avon. An unusual aspect is that the roof has a solar panel. Co-operative have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Co-operative your lawyer must comply with the conveyancing instructions contained in Section 2 of UK Finance Lenders’ Handbook for Co-operative. The CML Handbook sets out minimum provisions for solar panel roof-space leases, and lawyers are required to report to Co-operative where a lease fails to meet these requirements. The conditions relate to the installation of panels on properties nationwide and is not limited to Stratford Upon Avon.
I have today made my last payment due on my mortgage with UBS. I assume I don't need a Stratford Upon Avon property lawyer on the UBS panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your UBS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the UBS mortgage from the register. UBS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where UBS has sent the Land Registry the discharge electronically, and
- UBS has instructed the Land Registry to do so
Over the last few months I have been searching for a leasehold apartment up to £305k and found one close by in Stratford Upon Avon I like with amenity areas and station nearby, however it's only got 61 years on the lease. I can't really find anything else in Stratford Upon Avon for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the remaining unexpired lease term may be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
I have been recommended by a number of estate agents in Stratford Upon Avon to locate a solicitor using your seach tool. What’s the financial upside for Estate Agents to offer your site over and above a competitor’s?
We don’t give any referral fee for sending work to this site. We found it would be just too difficult to pay a commission as a client could think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I've recently bought a leasehold property in Stratford Upon Avon. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Stratford Upon Avon - Examples of Queries Prior to buying
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What is the service charge and ground rent on the flat? It would be wise to investigate if there are any onerous prohibitions in the lease. For example it is fairly common in Stratford Upon Avon leases that pets are not permitted in in a block in Stratford Upon Avon. If you like the propertyin Stratford Upon Avon yet your cat is not allowed to make the move with you then you will be faced difficult determination.