My wife and I are looking to purchase a property in Crowthorne and have instructed a Crowthorne conveyancing firm. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Barclays have this morning contacted us to advise us that they have now hit a problem as our Crowthorne lawyer is not on their conveyancing panel. Is this a problem?
Where you are buying a property requiring a mortgage it is conventional for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Crowthorne solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
My wife and I are approaching an exchange on a property in Crowthorne and my parents have sent the 10% deposit to my conveyancer. I am now advised that as the deposit has been received from someone other than me my conveyancer needs to make a notification to my mortgage company. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I advised the lender regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your solicitor is obliged to clarify with mortgage company to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
How simple is it to swap solicitor as I have to choose a firm on the Nottingham Building Society conveyancing panel. I was using a high street conveyancing solicitor in Crowthorne five minutes from me but he is not approved by Nottingham Building Society
We will our best to assist in finding you a conveyancing solicitor in Crowthorne on the Nottingham Building Society panel. Please note that the property lawyers that we list do not pay us fee if you instruct them and are authorised and regulated by the SRA who oversee all conveyancing solicitors in Crowthorne. In utilising search facility on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Crowthorne.
I am a negotiator for a busy estate agency in Crowthorne where we see a few leasehold sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Crowthorne conveyancing firms. Please can you clarify whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I inherited a 2 bed flat in Crowthorne, conveyancing having been completed June 2012. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Crowthorne with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease expires on 21st October 2080
You have 55 years left to run the likely cost is going to be between £31,400 and £36,200 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
I am buying a maisonette mortgage free. I have provided lawyer with two separate proof of photo ID, bank statement, numerous utility bills. Now he requires a copy from a probate lawyer acknowledging that the funds are in place and that it has come from inheritance and not selling fake watches.
In today’s world you will not be able to complete any Crowthorne conveyancing transaction without first providing evidence of your identity to your lawyers. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as evidence of ID it must be both the paper part and photo card part, one is not acceptable without the other. Evidence of your source of funds is required under Money Laundering laws.