What does my ID and proof of funds have anything to do with my conveyancing in Gateshead? Is this really necessary?
You are right in the requirement set out by your solicitor has nothing to do with conveyancing in Gateshead. Nowadays you will not be able to proceed with any conveyancing transaction without first supplying proof of your identity. This usually takes the form of a either your passport or driving licence as well as a council tax bill. Remember if you are providing your driving licence as proof of identification it must be both the paper part and photo card part, one is not satisfactory without the other.
Proof of the origin of monies is required under Money Laundering Regulations. Please do not be offended when you are asked to produce this as your lawyer will need to have this information on record. Your Gateshead conveyancing lawyer will require evidence of proof of funds prior to accepting any money from you into their client account and they should also ask additional queries regarding the source of funds.
We previously selected solicitors based in Gateshead on the Clydesdale solicitor approved list. They are now charging me a further sum for the legal aspects of the Clydesdale mortgage. Is this an additional conveyancing fee set by Clydesdale?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your property lawyer can levy a fee for this. The charge is not dictated by Clydesdale but by your Gateshead property lawyer. Some firms on the Clydesdale panel will quote ’dealing with mortgage’ fee and others do not.
After shopping around on the internet I have found a Gateshead solicitor having checked that they are on the Yorkshire BS conveyancing panel. Does my lawyer arrange the survey of the property?
Yorkshire BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Yorkshire BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Gateshead surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Yorkshire BS have agreed my mortgage in principle, my bid on a flat in Gateshead has been agreed to, what happens next?
The property agent will want to know who your solicitors are (make sure the property lawyers are on the bank’s panel). Telephone Yorkshire BS or your financial adviser and finish off any appropriate paperwork. Yorkshire BS will appoint a valuer who will get in touch with the selling agent or seller to arrange an appointment. Once conducted (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Yorkshire BS will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Gateshead.
Should my lawyer be making enquiries concerning flooding during the conveyancing in Gateshead.
Flooding is a growing risk for solicitors conducting conveyancing in Gateshead. Some people will acquire a house in Gateshead, completely expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to impart advice on flood risk, but there are a various checks that may be carried out by the buyer or on a buyer’s behalf which will figure out the risks in Gateshead. The conventional set of information supplied to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the seller to find out whether the premises has ever been flooded. In the event that flooding has previously occurred which is not notified by the seller, then a buyer could issue a legal claim for losses resulting from an incorrect answer. A purchaser’s solicitors will also order an environmental search. This will disclose whether there is any known flood risk. If so, further investigations should be carried out.
How does conveyancing in Gateshead differ for new build properties?
Most buyers of new build residence in Gateshead approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is finished. This is because house builders in Gateshead usually acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Gateshead or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one near me in Gateshead I like with open areas and railway links nearby, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Gateshead for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage that many years may be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
How do I use your search facility to select a conveyancing practitioner in Gateshead on the panel for my bank?
Step one is to pick a lender such as Halifax, The Royal Bank of Scotland or Aldermore then specify your preferred area e.g. Gateshead. Conveyancing practices in Gateshead and across England and Wales will then be shown.