I am not well enough to travel far from Boston. What is the rationale as to why all Boston conveyancing practitioners are not on all mortgage company panels?
Lenders point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The elimination of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for mortgage companies to review their conveyancing panels, which triggered a major policy change in the sector. This led to banks and building societies purging less reputable firms from their official list of approved solicitors .
What does my ID and proof of funds have anything to do with my conveyancing in Boston? What am I being asked for?
Boston conveyancing solicitors and indeed property lawyers throughout the UK have an obligation under money laundering regulations to check the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and proof of address (usually a Bank Statement no more than three months).
Confirmation of the origin of funds is also required in compliance with the money laundering regulations as lawyers have a duty to investigate that the money you are using to purchase a property (be it the exchange deposit or the total purchase monies if you are buying without a mortgage) has originated from an acceptable source (such as an inheritance) as opposed to the proceeds of criminal activity.
Do commercial conveyancing searches reveal planned roadworks that could impact a commercial estate in Boston?
Its becoming the norm that commercial conveyancing solicitors in Boston will carry out a SiteSolutions Highways report as it reduces the time that conveyancers invest in researching accurate data on highways that impact buildings and development assets in Boston. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Boston.
For each commercial conveyancing transaction in Boston it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately can cause delays to Boston commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Boston.
I am purchasing a new build house in Boston with a mortgage from Aldermore. The builders would not move on the amount so I negotiated £7000 of fixtures and fittings instead. The property agent advised me not reveal to my conveyancer about the side-deal as it could affect my mortgage with Aldermore. 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.
I am on look out for some leasehold conveyancing in Boston. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and most are in Boston - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I inherited a leasehold flat in Boston, conveyancing formalities finalised January 2001. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Boston with over 90 years remaining are worth £227,000. The ground rent is £50 yearly. The lease expires on 21st October 2097
You have 72 years remaining on your lease the likely cost is going to span between £9,500 and £11,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
I was advised by my lender that their approved solicitors work on no move no fee basis for conveyancing in Boston. I had a purchase fall through and now the conveyancers want search fees! They are claiming that the fees are nothing to do with their fees!
By offering "no sale no fee" Boston conveyancing lawyers are waiving their fees for any work conducted. We should make it clear that this does not constitute an insurance scheme. you will still required to cover any costs that the conveyancer has outlayed for you for example Boston local authority checks