Recently been in touch with my conveyancing solicitor in Bishops Stortford who completed the legal work two years ago asking for a conveyancing costs illustration based on an identical type of home move (a leasehold premises and a freehold premises) of almost identical values with a home loan from Virgin Money. I am now being charged twice the amount. Should I look for an alternative firm of conveyancing solicitor?
The charges are a little high. If you you were to look around you could reduce the fees marginally by as much as £125. On the other hand, assuming were satisfied with the assistance the firm gave you mightcome to rue choosing an an untested solicitor. If is important to be sure the firm can represent Virgin Money. You can use our search tool to get a quote a Bishops Stortford conveyancing firm on the Virgin Money approved list of lawyers, which can often include conveyancing solicitors in Bishops Stortford.
What does my ID and proof of funds have anything to do with my conveyancing in Bishops Stortford? Is this really warranted?
In order to comply with Money Laundering Regulations any Bishops Stortford 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.
In accordance with Money Laundering Regulations, conveyancers are obliged by law to ascertain not simply the identity of conveyancing clients but also the source of the money that they receive in respect of any matter. An unwillingness to disclose this will result in your conveyancer terminating 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 notify the appropriate authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
We're in Bishops Stortford, First time buyers buying with a mortgage (lender is Skipton , and our solicitor is on the Skipton conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Skipton conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I am purchasing my first flat in Bishops Stortford with a mortgage from Nottingham Building Society. The builders refused to budge the price so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not to tell my conveyancer about this side-deal as it will affect my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
My husband and I are a couple of weeks into a residential purchase having been recommend to solicitors by the high street agent to handle our conveyancing in Bishops Stortford. I am not happy. Could you help me find new lawyers?
A conveyancer would have to be very poor in order to consider changing them. Has your mortgage offer been generated? If so you will need to advise them of the new lawyer and ensure the mortgage documents are issued to the new lawyers. Your new conveyancer should be on the mortgage company approved list to avoid escalating costs and frustration. So that should be your starting point. Our find a solicitor tool will help you find a lender approved conveyancer for your home move in Bishops Stortford
Can you provide any advice for leasehold conveyancing in Bishops Stortford with the aim of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Bishops Stortford can be reduced if you appoint lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation needed by the buyers’ lawyers. If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share certificate. Obtaining a new share certificate is often a lengthy formality and frustrates many a Bishops Stortford conveyancing transaction. Where a duplicate share is necessary, do contact the company officers or managing agents (where relevant) for this as soon as possible. In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Most leases in Bishops Stortford state that internal structural alterations or installing wooden flooring require a licence from the Landlord acquiescing to such works. If you dont have the approvals to hand you should not communicate with the landlord without checking with your lawyer first. You believe that you know the number of years left on your lease but you should verify this by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to where the remaining number of years is under 75 years. It is therefore essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. The majority of freeholders or Management Companies in Bishops Stortford charge for supplying management packs for a leasehold home. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Bishops Stortford.
I purchased a studio flat in Bishops Stortford, conveyancing was carried out 7 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Bishops Stortford with a long lease are worth £201,000. The ground rent is £45 per annum. The lease finishes on 21st October 2090
With 65 years unexpired we estimate the premium for your lease extension to be between £13,300 and £15,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.