What does my ID and proof of funds have anything to do with my conveyancing in Stroud? Is this really warranted?
Stroud conveyancing solicitors and indeed property lawyers accross the UK have a duty under money laundering regulations to verify the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and proof of address (typically a Bank Statement less than 3 months old).
Evidence of the origin of funds is also required under the money laundering regulations as conveyancers are mandated to check that the monies you are using to acquire a property (be it the exchange deposit or the full purchase amount if you are a cash purchaser) has come from legitimate source (such as an inheritance) and is not the proceeds of illegitimate activity.
I am expecting a DIP from UBS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do UBS recommend any Stroud solicitors on the UBS conveyancing panel, or is it better to go independently?
You will need to appoint Stroud solicitors independently although you'll need to choose one on the UBS conveyancing panel. The solicitor represents both you and UBS through the process.
I have paid off my mortgage with HSBC. I assume I don't need a Stroud lawyer on the HSBC panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your HSBC 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 HSBC mortgage from the register. HSBC, 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 HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
I currently have a mortgage with Lloyds for my property in Stroud. Conveyancing was finalised months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Lloyds?
You must advise Lloyds prior to renting your property as this is likely to be a breach of Lloyds’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Lloyds directly. You need not do this via a Lloyds conveyancing panel lawyer.
I am buying my first flat in Stroud with a mortgage from Yorkshire Building Society. The developers refused to reduce the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not inform my solicitor about the side-deal as it would affect my loan 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.
I have been on the look out for a ground for flat up to £305k and found one round the corner in Stroud I like with a park and station in the vicinity, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Stroud suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will likely be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
Is there anything unique about your site and alternative online quote calculators when it comes to conveyancing in Stroud?
At this site obtain a fixed fee quote via a Solicitor or Licensed Conveyancer that understands the nuances for your conveyancing in Stroud. Unlike many estate agents and many comparison sites we are not in the business of charging firms a fee if you appoint them for your conveyancing in Stroud
There are only Sixty One years left on my flat in Stroud. I now want to extend my lease but my freeholder is can not be found. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to prove that you have used your best endeavours to track down the landlord. In some cases a specialist may be useful to conduct investigations and to produce an expert document to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer both on proving the landlord’s absence and the application to the County Court overseeing Stroud.
I invested in buying a basement flat in Stroud, conveyancing having been completed August 2004. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Stroud with a long lease are worth £180,000. The ground rent is £65 invoiced every year. The lease comes to an end on 21st October 2085
With just 59 years remaining on your lease we estimate the price of your lease extension to range between £20,900 and £24,200 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.