Me and my partner are about to complete buying a property in Silverton but as a result of wreckage from some water damage at the property I have managed to agree recompense from the vendor in the sum of £3k by way of a adjustment in the price. This was going to be addressed as part of the conveyancing process however Coventry BS will not permit this. Should they have been involved?

The conveyancer being on the Coventry BS conveyancing panel is obliged to advise Coventry BS of any changes to the purchase price. If you prohibit your conveyancer to notify the reduction to Coventry BS then they would have to discontinue acting for you. In addition, Coventry BS and you would have to appoint a new lawyer for your conveyancing in Silverton.

What does my ID and proof of funds have anything to do with my conveyancing in Silverton? Why is this being asked of me?

It is indeed that case that the requirement set out by your lawyer has nothing to do with conveyancing in Silverton. However these days you will not be able to complete any conveyancing process without first supplying proof of your identity. This usually takes the form of a either your passport or driving licence as well as a bank statement. Remember if you are supplying your driving licence as proof of identification it needs to be both the paper section and photo card part, one is not sufficient in the absence of the other.

Verification of your origin of money is necessary under Money Laundering Regulations. Don’t be offended when you are asked to produce this as your conveyancer must retain this information on record. Your Silverton conveyancing practitioner will need to see evidence of proof of funds prior to accepting any monies from you into their client account and they may also ask further queries regarding the origin of funds.

I am the sole beneficiary of my late grandmother’s will and I have everything in my name alone, including the my former home in Silverton. The Silverton property was put into my name in November. I plan to dispose of the property. I do know about the Mortgage Lenders six month 'rule', which means that my proprietorship will be treated the same way as though I had purchased the house in November. Will no one buy the property for half a year?

The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. How sensible a view banks take of it, depend on the bank as this provision chiefly exists to identify subsales or the wholesaling and assigning of property.

Does a directory service exist listing TSB panel conveyancers in Silverton on the Building Society Association’s Website?

Unfortunately not yet. There is no such tool on the CML or Building Society Association sites. A small selection of banks make their panel listings open the public online. If you are looking for a Silverton conveyancing practitioner on the TSB please use our facility.

We were going to get a DIP from Nationwide this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nationwide recommend any Silverton solicitors on the Nationwide conveyancing panel, or is it better to find our own lawyer?

You will need to appoint Silverton solicitors independently although you'll need to choose one on the Nationwide conveyancing panel. The solicitor represents both you and Nationwide through the process.

I require fast conveyancing in Silverton as I have an ultimatum to sign on the dotted line within one month. Luckily I do not require a mortgage. Can I avoid the conveyancing searches to save fees and time?

As you are are a cash buyer you are at liberty not to have searches carried out although no solicitor would recommend that you don't. Drawing on years of experience of conveyancing in Silverton the following are examples of what can crop up and therefore impact future saleability: Refused Planning Applications, Overdue Fees, Outstanding Grants, Road Schemes,...

I am employed by a busy estate agency in Silverton where we see a number of leasehold sales put at risk due to short leases. I have received inconsistent advice from local Silverton conveyancing solicitors. Please can you confirm whether the seller of a flat can initiate the lease extension formalities for the buyer?

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 buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.

Silverton Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing

Plenty Silverton leasehold flats will incur a service charge for maintenance of the building levied by the landlord. Where you acquire the flat you will have to meet this amount, usually in instalments during the year. This could be anything from a few hundred pounds to thousands of pounds for blocks with lifts and large common areas. In all likelihood there will be a rentcharge to be met annual, ordinarily this is not a large sum, say around £25-£75 but you should to enquire it because sometimes it can be prohibitively expensive. In the main the cost for major works are not included within maintenance charges, although some managing agents in Silverton require leaseholders to pay into a reserve fund and this is used to offset against major works. Is there a share of the freehold?