What does my ID and proof of funds have anything to do with my conveyancing in New Forest? Is this really warranted?
To satisfy the Money Laundering Regulations any New Forest conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing your correct address.
Under Money Laundering Regulations, conveyancers are duty bound to ascertain not just the identity of conveyancing clients but also the source of the money that they receive in respect of any matter. Refusal to disclose this may result in your lawyer cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to make a disclosure to the appropriate authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
Forgive me if this question is silly but I am new to the home buying as FTB of a ground floor flat in New Forest. Do I collect the keys to the property on the completion date from my solicitor? If this is the case, I will appoint a High Street conveyancing solicitor in New Forest?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will transfer the completion advance to the seller's lawyers, and shortly after the monies have arrived, you will be able to receive the keys from the Estate Agents and move into your new home. This tends to happen between 1 and 3pm.
I am purchasing a property in New Forest. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Skipton be concerned?
As you are obtaining a mortgage with Skipton your lawyer must check the conveyancing instructions set out in Section two of UK Finance Lenders’ Handbook for Skipton. The Council of Mortgage Lenders’ Handbook stipulates minimum provisions for solar panel roof-space leases, and solicitors are required to report to Skipton where a lease fails to satisfy these provisions. The specifications relate to the installation of panels on properties in England and Wales and is not isolated to New Forest.
It is not clear whether my bank requires a lease extension. I have called into my local New Forest bank branch on a couple of occasions and was advised it wasn't an issue and they would lend. My New Forest conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they will not lend in accordance with their specific requirements. Who do I believe?
As long as the lawyer is on the mortgage company panel, they must follow the CML Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Will our conveyancer be asking questions concerning flooding during the conveyancing in New Forest.
Flooding is a growing risk for lawyers conducting conveyancing in New Forest. There are those who purchase a property in New Forest, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Solicitors are not best placed to impart advice on flood risk, however there are a numerous searches that may be initiated by the buyer or by their conveyancers which should figure out the risks in New Forest. The standard property information forms sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the vendor to find out whether the property has ever been flooded. If the premises has been flooded in past which is not disclosed by the seller, then a purchaser could bring a legal claim for losses resulting from an inaccurate answer. The buyer’s conveyancers should also carry out an enviro report. This will higlight whether there is any known flood risk. If so, further investigations should be carried out.
five months have gone by since my purchase conveyancing in New Forest concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a leasehold apartment up to £195,000 and found one round the corner in New Forest I like with a park and transport links nearby, however it's only got 49 years unexpired on the lease. I can't really find anything else in New Forest suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage that many years will likely be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.