I went with a local lawyer for my conveyancing in East Boldon yesterday. Upon checking the official terms of business I seeI am on the hook for charges even where the transaction does not complete. Should I go with them or use an on-line firm promoting no-sale-no-fee conveyancing in East Boldon?
It is usually ‘give and take’ in that if "No Completion No Fee" is advertised then the fee levels will tend to be be higher to offset those conveyances that do not go ahead. Please beware that such offerings rarely cover expenditure for example East Boldon conveyancing search expenses.
In what way does my ID and proof of funds have anything to do with my conveyancing in East Boldon? Why is this being asked of me?
East Boldon conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and evidence of address (usually a Bank Statement less than 3 months old).
Evidence of source of funds is also necessary under the money laundering regulations as conveyancers are required to check that the monies you are utilising to purchase a property (be it the exchange deposit or the total purchase monies where you are buying without a mortgage) has come from a reputable source (such as employment savings) and is not the fruits of illegitimate activity.
Various online forums that I have come across warn that are a common cause of hinderance in East Boldon house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays during the legal transfer of property. Local searches are not likely to be the root cause of delay in conveyancing in East Boldon.
Me and my brother have a 4 bedroom Victorian property in East Boldon. Conveyancing solicitor acted for me and Norwich and Peterborough Building Society. I did a free Land Registry search last week and I saw two entries: one for freehold, the second leasehold under the matching address. Is it worth asking Norwich and Peterborough Building Society to clarify?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in East Boldon and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with the conveyancing lawyer who conducted the work.
I am buying a new build house in East Boldon with a loan from Nationwide Building Society. The developers refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent told me not inform my lawyer about the extras as it may put at risk my mortgage with Nationwide Building Society. Should I keep quiet?.
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.
Can you offer any advice when it comes to finding a East Boldon conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a East Boldon conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non East Boldon conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be helpful:
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If the firm is not ALEP accredited then what is the reason? How experienced is the practice with lease extension legislation?
I invested in buying a split level flat in East Boldon, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in East Boldon with an extended lease are worth £206,000. The ground rent is £45 invoiced annually. The lease terminates on 21st October 2091
With 66 years unexpired the likely cost is going to range between £12,400 and £14,200 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.