In what way does my ID and proof of funds have anything to do with my conveyancing in Whitchurch? What am I being asked for?
Whitchurch conveyancing solicitors as well as nationwide property practitioners throughout the UK have a duty under Anti-terror and anti-money-laundering rules to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and evidence of address (usually a Bank Statement no more than three months).
Proof of the origin of monies is also necessary under the money laundering regulations as solicitors are obliged to ensure that the money you are using to buy a property (whether it be the deposit for exchange or the full purchase monies where you are a cash purchaser) has come from a reputable source (such as an inheritance) rather than the fruits of criminal activity.
My fiance and I are buying a 1 bedroom flat in Whitchurch with a homeloan from Nottingham Building Society.We use our Whitchurch conveyancing lawyer but Nottingham Building Society informed us he's not listed on their approved list of firms. we are left little option but to use a Nottingham Building Society panel solicitor or keep our high street solicitor and pay for a Nottingham Building Society panel lawyer to represent them. This seems very unfair; is there anything we can do?
No, not really. The loan issued to you is subject to its various provisions, one of which will be that solicitors will be on the Nottingham Building Society approved list. in the past, most mortgage companies 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 lawyer to apply to be on the conveyancing panel for Nottingham Building Society
I am close to exchanging contracts on the sale of our home in Whitchurch and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. A local lawyer would know this is not the case. It does beg the question why the purchasers are using a factory type conveyancing outfit rather than a conveyancing solicitor in Whitchurch. We have lived in Whitchurch for 5 years we know of no issue. Should we contact our local Authority to get clarification that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer already. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
How does conveyancing in Whitchurch differ for new build properties?
Most buyers of new build premises in Whitchurch come to us having been asked by the builder to sign contracts and commit to the purchase even before the residence is finished. This is because house builders in Whitchurch tend to purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Whitchurch or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Whitchurch in advance of retaining conveyancers. I have been informed that there is a flying freehold overhang to the property. Our surveyor has said that some lenders may not grant a loan on such a house.
It varies from the lender to lender. HSBC has different requirements for example to Birmingham Midshires. If you e-mail us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Whitchurch. Conveyancing will be smoother if you use a solicitor in Whitchurch especially if they are acquainted with such properties in Whitchurch.
Do you have any top tips for leasehold conveyancing in Whitchurch with the aim of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Whitchurch can be reduced where you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the purchasers’ representatives. If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Whitchurch leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord acquiescing to such works. If you fail to have the approvals in place do not contact the landlord without checking with your conveyancer in advance. If you have had any disputes with your freeholder or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to present the dispute as over rather than unresolved. If you hold a share in a the Management Company, you should ensure that you have the original share document. Arranging a duplicate share certificate is often a time consuming formality and frustrates many a Whitchurch home move. Where a new share certificate is required, you should approach the company officers or managing agents (where relevant) for this as soon as possible.
Whitchurch Leasehold Conveyancing - Sample of Questions you should ask before Purchasing
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Is the freehold reversion owned collectively by the leaseholders? Please note if it is less than 80 years it will impact the salability of the flat. It is worth checking with your bank that they are willing to to proceed given the lease term. A short lease means that you will most likely need a lease extension at some point and you need to have some idea of how much this would cost. For most Whitchurchlease extensions you will be be obliged to have owned the residence for 24 months in order to be eligible to extend the lease.