Much to our surprise we have been advised by our mortgage broker that my Wilberfoss solicitor is not on the mortgage company Solicitor panel. What can I do to be sure whether this is correct?
You need to call your Wilberfoss conveyancer. It is reasonable to expect your lawyer to inform you of the situation. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your mortgage company.
In what way does my ID and proof of funds have anything to do with my conveyancing in Wilberfoss? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Wilberfoss conveyancing firm will require proof of identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility bill showing where you reside.
Under Money Laundering Regulations, conveyancers are obliged by law to ascertain not just the identity of conveyancing clients but also the source of fund that they receive in respect of any matter. Refusal to disclose this will result in your conveyancer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to inform the appropriate authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
How does conveyancing in Wilberfoss differ for newly converted properties?
Most buyers of new build property in Wilberfoss approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is built. This is because developers in Wilberfoss 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 Wilberfoss or who has acted in the same development.
We're new to the buying process - agreed a price, but the estate agent informed us that the seller will only issue a contract if we use the agent's chosen solicitors as they need an ‘expedited deal’. My instinct tells me that we should use a local solicitor who is familiar with conveyancing in Wilberfoss
It is unlikely the vendors are driving this. Should the owner desire ‘a quick sale', taking such a hostile approach to a genuine buyer is going to damage their objectives. Bypass the agents and go straight to the sellers and make the point that (a)you are serious buyers (b)you are excited to move forward, with finances in place © you are chain free (d) you wish to move quickly (e)however you will continue to use your own,trusted Wilberfoss conveyancing firm - as opposed tothe ones that will earn the negotiator at the agency a introducer fee or achieve conveyancing thresholds set by head office.
I've recently bought a leasehold flat in Wilberfoss. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).
I bought a 1st floor flat in Wilberfoss, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Wilberfoss with over 90 years remaining are worth £180,000. The ground rent is £65 charged once a year. The lease ends on 21st October 2084
With just 59 years remaining on your lease the likely cost is going to span between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
We are in the middle of purchasing a property in Wilberfoss. Conveyancing lawyer has told us the title is "Leasehold". Should this make a difference on the salability of the property?
Wilberfoss conveyancing does not ordinarily involve leasehold houses. The crucial factor here is the length of lease and the ground rent. If there are hundred of years years remaining with a peppercorn rent, it's virtually freehold, so it’s unlikely to impact the marketability significantly.
At the other end of the spectrum, if it's, say, fifty five years it is bound to have a adverse impact on the value, and most likely wouldn't be acceptable to the mortgage company. The remaining lease term and ground rent will be specified in the lease provided to your lawyer.