Introduction to Conveyancing Assignment 1
You work for Tract and Co, Licensed Conveyancers of High Street, Northtown, Cornwall. You have a consultation with a new client, Miss Sue Troy.
At the meeting, she tells you that she would love to purchase Lilac Cottage within the edge with the picturesque small town of Trepolpen. The price will probably be ВЈ125, 000.
1 . In short , outline the matters that you simply will consult with your consumer at this speak to. (15 marks)
If certainly not already known, I would ask for Miss Troy's full name and address, and a photo taking ID, in order to perform customer due diligence checks, i. at the. checking for conflicts of interest, and examining her identity as a safety measure against potential mortgage fraud and funds laundering. The date can be noted and full contact details (addresses, phone numbers, email etc) recorded to get the seller(s) and auctions, as well as Miss Troy.
We would discuss costs, and i also would provide Miss Troy with Tract and Co's Terms of Involvement, and a written record estimating each of our costs and disbursements regarding the transaction, and ask her to sign a duplicate to admit receipt of it. A financial calculation would be done to ensure that she could afford the transaction. I would ask Miss Troy in the event that she has paid out any primary deposit, and if so , simply how much. If this wounderful woman has, this will be taken into account when ever calculating first deposit on exchange, and the mortgage company may need to be advised.
I might find out how your woman intends to fund the put in, as the lady may need linking finance, as well as the mortgage lender may want to be recommended. If companies are to be offered Miss Troy would need to offer authority. We would also inquire as to how she will account the balance with the price, if she has attained a mortgage license or provide, and if this wounderful woman has an outstanding mortgage on another property. The reason behind this is therefore advice could be given upon sources of fund and/or duty relief in interest. Lenders may persist that any outstanding home loans are paid back as a condition of a new bank loan. If she'll not always be having a home loan, then instructions will be directed at her in regards to custody of deeds.
I might ask Miss Troy whether this purchase would be based upon the sale of another real estate, as details of this additional sale can be needed to synchronise the time of both. Concerning her present house, I would request if there is a purpose to give recognize to determine tenancy (if renting), and to find out if her current lender provides a mortgage payoff penalty.
The present and proposed use of the house would need to end up being discussed, to discover if Miss Troy wishes to change anything at all, and to determine the need to look at any planning aspects or perhaps restrictive contrat that might be set up.
I would question her on the situation of Lilac Cottage, such as if it is all around a footpath or water, in order to discover if there is a need for a strategy, and/or any kind of special searches. I would as well ask in the event she desires the price to feature any accessories and fixtures, and if there are any popular features of the house including carpets or perhaps curtains that she wishes and/or feels will remain, as these might not be fixtures and the seller might take all of them, or look for additional rates for them. The tenure in the property (freehold or leasehold) and purchase value would need to always be established.
I would as well enquire about any kind of details of tenancies for Lilac Cottage, and if possession will be vacant, as they details will be needed in contract, since will any kind of terms Miss Troy may well have agreed with the other party.
I would talk about her recommended time-scale as well as the urgency in the matter, and provide advice for the likely duration of the transaction, coming up with a great anticipated achievement date. We would reinforce the fact that additional parties in the property sequence such as mortgage brokers, estate agents, and other conveyancers, may possibly move slowly and impact on timing. The chain can easily move as soon as its slowest part.
We would ask Miss Troy in the event that anybody otherwise will have an interest in...
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