What does my ID and proof of funds have anything to do with my conveyancing in Fareham? What am I being asked for?
Fareham conveyancing solicitors as well as nationwide property practitioners throughout the UK have a duty under money laundering regulations to check the identity of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and proof of address (usually a Utility Bill no more than three months).
Confirmation of source of monies is also required under the money laundering statutes as lawyers have a duty to investigate that the monies you are utilising to buy a property (whether it be the deposit for exchange or the full purchase monies where you are a cash purchaser) has come from an acceptable source (such as an inheritance) and is not the fruits of illegitimate behaviour.
In scouring moneysavingexpert.com for an online solicitor in Fareham, many post that I must use a CQS kitemarked lawyer. What is CQS?
The Conveyancing Quality Scheme (CQS) provides a kitemark for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * adherence to prudent and efficient conveyancing procedures through the scheme protocol the standard covers many organisations who handle conveyancing in Fareham.
If you had a top tip for selecting a conveyancing solicitor in Fareham what would it be?
Do not opt for the cheapest Fareham conveyancing costs illustration. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I'm the single beneficiary of my late mum's will with all property in now in my sole name, including the house in Fareham. The Fareham property was put into my name in November. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', which means that my proprietorship may be considered the same way as if I'd bought the property in November. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be impacted by that. How sensible a view lenders take of it, depend on the lender as this provision principally exists to identify subsales or the wholesaling and assigning of property.
My husband and I have arranged a further advance on our home loan from Coventry BS as we wish to conduct improvements to our house in Fareham. Do we need to appoint a local Fareham solicitor on the Coventry BS conveyancing panel to handle the legals?
Coventry BS would not normally appoint firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Coventry BS panel.
I am buying my first flat in Fareham with a mortgage from Platform Home Loans Ltd. The sellers refused to budge the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep suggested that I not to tell my conveyancer about the deal as it could put at risk my mortgage with Platform Home Loans Ltd. 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.
Due to the guidance of my in-laws I had a survey completed on a property in Fareham in advance of retaining conveyancers. I have been told that there is a flying freehold overhang to the house. Our surveyor advised that some banks tend refuse to grant a loan on a flying freehold house.
It depends who your proposed lender is. HSBC has different requirements from Halifax. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Fareham. Conveyancing may be slightly more expensive based on your lender's requirements.
All being well we will complete the disposal of our £400,000 maisonette in Fareham in just under a week. The freeholder has quoted £324 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Fareham?
Fareham conveyancing on leasehold apartments nine out of ten times necessitates fees being raised by management companies :
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Completing conveyancing due diligence questions
Where consent is required before sale in Fareham
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I am the registered owner of a 2 bed flat in Fareham, conveyancing formalities finalised 7 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? Comparable properties in Fareham with an extended lease are worth £176,000. The ground rent is £50 invoiced every year. The lease ceases on 21st October 2075
You have 50 years unexpired the likely cost is going to span between £31,400 and £36,200 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.