What does my ID and proof of funds have anything to do with my conveyancing in Wells? Why is this being asked of me?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to check the identity of the potential client they are dealing with prior to agreeing to accepting their conveyancing business. The Terms of Engagement that you need to sign should reaffirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Where you are unwilling to hand over ID verification documents, your lawyer will not be able to take you on as a client.
My friend advised me that if I am buying in Wells I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes included in the estimate for your Wells conveyancing searches. It is a large report of more than thirty pages, listing and detailing important information about Wells around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Wells Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data concerning Wells.
I used Wolstenholmes a few years ago for my conveyancing in Wells. I now require my file but the law firm is no longer operating. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Wells of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am buying a new build house in Wells with a mortgage from Birmingham Midshires. The sellers would not move on the price so I negotiated 6k of fixtures and fittings instead. The house builders rep advised me not reveal to my conveyancer about this extras as it may put at risk my loan with the bank. Is this normal?.
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 am looking for a flat up to £245,000 and found one round the corner in Wells I like with amenity areas and transport links nearby, however it only has 51 remaining years left on the lease. There is not much else in Wells suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan the shortness of the lease will be problematic. Discount the price by the anticipated 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 ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
Having checked my lease I have discovered that there are only Fifty years remaining on my flat in Wells. I now wish to get lease extension but my freeholder is absent. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to demonstrate that you have done all that could be expected to track down the lessor. On the whole a specialist may be helpful to carry out a search and prepare a report which can be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Wells.
I am the registered owner of a 1 bedroom flat in Wells, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Wells with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 yearly. The lease terminates on 21st October 2095
You have 69 years remaining on your lease the likely cost is going to range between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.