We are due to exchange buying a house in Arlesey but as a result of wreckage from the recent storms I have was able negotiate reparation from the current proprietors in the sum of £3k taking the form of a adjustment in the price. This was going to be dealt with as part of amending the contract but UBS will not agree to this. Should they have been informed?
Any lawyer that is on the UBS conveyancing panel is duty bound to advise UBS of any variations to the sale price. If you prohibit your conveyancing practitioner to notify the reduction to UBS then they would have to discontinue acting for you. In addition, UBS and you would have to appoint a new conveyancer for your conveyancing in Arlesey.
What does my ID and proof of funds have anything to do with my conveyancing in Arlesey? Why is this being asked of me?
Arlesey conveyancing solicitors as well as nationwide property lawyers accross the UK have a duty under money laundering regulations to verify the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and proof of address (typically a Bank Statement less than 3 months old).
Confirmation of source of funds is also required under the money laundering statutes as lawyers have a duty to check that the money you are utilising to buy a property (whether it be the deposit for exchange or the full purchase monies if you are buying mortgage free) has originated from an acceptable source (such as employment savings) as opposed to the fruits of criminal behaviour.
I'm purchasing my first flat in Arlesey with a mortgage from Barnsley Building Society. The developers refused to budge the amount so I negotiated five thousand pounds worth of extras instead. The sale representative told me not inform my lawyer about this deal as it will impact my loan with Barnsley Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one close by in Arlesey I like with amenity areas and station in the vicinity, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Arlesey suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will be an issue. Discount 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 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
We are 14 days into a residential purchase having been directed to solicitors by the high street agent to handle our conveyancing in Arlesey. I am am starting to be dissatisfied with the quality of service. Can you help me find new solicitors?
They would have to be very poor to suggest changing them. Has the loan offer been generated? In the event that it has you must inform them of the replacement solicitor and have the loan are issued to the new lawyers. Your conveyancer should be on the lenders approved list to avoid supplemental costs and frustration. So that should be your starting point. Our search tool should help you find a bank approved conveyancer for your home move in Arlesey
What are your top tips when it comes to choosing a Arlesey conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Arlesey conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Arlesey conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be helpful:
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How familiar is the practice with lease extension legislation? Can they put you in touch with clients in Arlesey who can give a testimonial?
Arlesey Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to buying
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Are any of leasehold owners in arrears of their service charge payments? It is important to be aware if a new roof is being put on or some other significant cost is pending that will be shared by the tenants and will materially increase the the service fees or require a one off invoice. What is the maintenance charge and ground rent on the property?