Our conveyancer has discovered a defect with the lease for the apartment we are buying in Tibshelf. The other side have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor says that he must ensure that the bank is happy with this solution. Who is the client here, us or the mortgage company ?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the mortgage company are the client. These conveyancing instructions must be adhered to.
What does my ID and proof of funds have anything to do with my conveyancing in Tibshelf? Why is this being asked of me?
Tibshelf conveyancing solicitors as well as nationwide property practitioners accross the UK have a duty under Anti-terror and anti-money-laundering rules to verify the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients are required to produce two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and evidence of address (typically a Bank Statement no older than three months).
Evidence of the origin of monies is also necessary under the money laundering statutes as lawyers are duty bound to investigate that the monies you are utilising to buy a property (whether it be the deposit for exchange or the total purchase amount where you are buying mortgage free) has come from an acceptable source (such as an inheritance) as opposed to the proceeds of criminal behaviour.
I had intended to instruct a property lawyer in Tibshelf for our home move. Our financial adviser has since advised us that our mortgage lenders Chelsea Building Society won't deal with them. Why is this not regarded as unduly restrictive?
A mortgage company will direct that an approved conveyancer act for it. Borrowers are liable to meet the charges for this. Please make use of our search facility to find a solicitor to carry conveyancing in Tibshelf on the Chelsea Building Society conveyancing panel.
There are plenty of conveyancing solicitors in Tibshelf but how do I know who I should use?
We would encourage you not to go for the cheapest Tibshelf conveyancing quote. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
Are all Tibshelf Conveyancing Quality Solicitors on the Aldermore conveyancing panel?
It is true that some lenders now make use of CQS as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
We have agreed to purchase a house in Tibshelf. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Clydesdale be concerned?
Given that your lender is Clydesdale your lawyer must follow the formal requirements set out in Part 2 of UK Finance Lenders’ Handbook for Clydesdale. The Council of Mortgage Lenders’ Handbook includes minimum specifications for solar panel roof-space leases, and lawyers are required to report to Clydesdale where a lease fails to comply with these requirements. The requirements relate to the installation of panels on properties in England and Wales and is not restricted to Tibshelf.
I have been on the look out for a flat up to £195,000 and identified one close by in Tibshelf I like with amenity areas and station nearby, however it only has 49 remaining years left on the lease. I can't really find anything else in Tibshelf in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan that many years may be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
I’m about to sell my 2 bed flat in Tibshelf. Conveyancing is yet to be initiated, but I have recently received a half-yearly service charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the maintenance contribution as normal given that all ground rent and service charges should be allotted on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I invested in buying a garden flat in Tibshelf, conveyancing formalities finalised March 2008. Can you work out an approximate cost of a lease extension? Corresponding properties in Tibshelf with an extended lease are worth £202,000. The ground rent is £60 invoiced every year. The lease terminates on 21st October 2078
With just 57 years remaining on your lease we estimate the price of your lease extension to be between £28,500 and £33,000 plus costs.
The figure above 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. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.