After what seems like an age a mortgage offer from Santander for the refinancing of my single room garden flat is coming any day now. Are you able to suggest a low cost conveyancing practitioner in Aylesford?
You are on the wrong site if you are seeking the lowest fares for conveyancing solicitors in Aylesford. We can offer you affordable conveyancing but our intention is not to advertise as being the cheapest. Do not be fooled by companies offering the bait of £100 conveyancing in Aylesford. Optimistically, in choosing a lawyer for low cost conveyancing, you will earn what you pay for and at worst you will end up with a hefty uplift in extras and still not receive the service expected.
What does my ID and proof of funds have anything to do with my conveyancing in Aylesford? What am I being asked for?
In order to comply with Money Laundering Regulations any Aylesford conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility account evidencing where you reside.
Under Money Laundering Regulations, property lawyers are required to investigate not just the identity of conveyancing clients but also the source of fund that they receive in respect of any matter. Refusal to disclose this will result in your lawyer ending their relationship 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 notify the relevant authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.
We previously chose conveyancing lawyers locally in Aylesford on the Clydesdale solicitor panel. They have just billed me a supplemental sum for the legal aspects of the Clydesdale mortgage. Is this a supplemental conveyancing fee specified by Clydesdale?
Unfortunately, so long as it is in their Terms and Conditions or estimate then yes your solicitor may charge a fee for this. This fee is not dictated by Clydesdale but by your Aylesford solicitor. Some firms on the Clydesdale panel will levy ’dealing with mortgage’ fee but plenty of practices incorporate it on their overall fee.
The mortgage over my property is with Barclays for my property in Aylesford. Conveyancing was finalised 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Barclays?
Barclays must be informed of your intention before renting your property as this is likely to be a breach of Barclays’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Barclays directly. You need not do this via a Barclays conveyancing panel solicitor.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Aylesford building society branch on numerous occasions and was told it does not affect the mortgage offer and they would lend. My Aylesford conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
The conveyancing practitioner must follow the Council of Mortgage Lenders’ Handbook section two provisions for your 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Are there restrictive covenants that are commonly picked up during conveyancing in Aylesford?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Aylesford. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I decided to have a survey completed on a house in Aylesford in advance of appointing lawyers. I have been informed that there is a flying freehold overhang to the property. Our surveyor advised that some lenders may refuse to give a mortgage on this type of property.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. If you e-mail us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Aylesford. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Aylesford to see if the conveyancing will be more expensive.
I am looking at a two apartments in Aylesford which have approximately 50 years remaining on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the value of the lease reduces and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area.
Aylesford Leasehold Conveyancing - A selection of Queries before buying
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Are there any major works on the horizon that will likely increase the service charges? On the whole the outlay for major works are not included within maintenance charges, although a few managing agents in Aylesford require tenants to pay into a sinking fund created for the specific purpose of establishing a fund for major works. Be sure to discover if there are any onerous restrictions in the lease. For instance plenty of leases prohibit pets being permitted in in a block in Aylesford. If you like the flatin Aylesford but your cat is not allowed to move with you then you will be faced difficult compromise.