My husband and I are purchasing a newly built flat in Hove and my lawyer is informing me that she is duty bound to the mortgage company to disclose incentives from the seller. I am nearing the developer’s deadline to sign contracts and my preference is not to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
In what way does my ID and proof of funds have anything to do with my conveyancing in Hove? Is this really warranted?
Hove conveyancing solicitors as well as nationwide property lawyers throughout the UK have an obligation under money laundering regulations to check the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and proof of address (typically a Utility Bill no older than three months).
Evidence of the origin of funds is also required in accordance with the money laundering laws as lawyers are mandated to check that the funds you are using 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 a reputable source (such as employment savings) rather than the product of illegitimate behaviour.
Is it necessary to take out insurance to address the risk of chancel repairs when buying a residence in Hove?
Unless a previous purchase of the premises completed after 12 October 2013 you can expect conveyancing practitioners conducting conveyancing in Hove to continue to recommend a chancel search and or chancel repair liability policy.
How does conveyancing in Hove differ for newly converted properties?
Most buyers of new build premises in Hove approach us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is finished. This is because developers in Hove tend to buy 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 property lawyers 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 used to new build conveyancing in Hove or who has acted in the same development.
My business partner and I are planning to take an assignment of a lease of a shop on a shopping parade. Can you recommend conveyancers offering competitive costs for commercial conveyancing in Hove for below £1,200?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Hove, including the sale and purchase of businesses as well as simply property. Whether you are hoping to acquire or dispose of a shop, pub, restaurant, office, retail premises or a whole business we can find you the right lawyer. As for the fees this will depend on the structure and complexity of the deal. Please provide us with your contact information or call so as to enable us to provide you with comprehensive commercial conveyancing calculation.
What advice can you give us when it comes to finding a Hove conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Hove conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Hove conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be of use:
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How many lease extensions has the firm conducted in Hove in the last twenty four months? How familiar is the practice with lease extension legislation?
I own a studio flat in Hove, conveyancing was carried out January 2002. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Hove with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease runs out on 21st October 2081
With only 56 years left to run we estimate the premium for your lease extension to be between £29,500 and £34,000 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.