In what way does my ID and proof of funds have anything to do with my conveyancing in Ivybridge? Why is this being asked of me?
Ivybridge conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under money laundering regulations to verify the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and proof of address (usually a Utility Bill no more than three months).
Evidence of source of funds is also necessary under the money laundering regulations as solicitors are mandated to investigate that the money you are utilising to buy a property (whether it be the deposit for exchange or the full purchase price if you are buying mortgage free) has originated from a reputable source (such as an inheritance) as opposed to the proceeds of illegitimate activity.
Are the BSA intent on creating a search tool with a view to list solicitors on the Norwich and Peterborough Building Society conveyancing panel for instance in Ivybridge?
We have not been informed any plans on the part of the BSA to develop such a tool.
I am expecting a OIP from Kent Reliance this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Kent Reliance recommend any Ivybridge solicitors on the Kent Reliance conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Ivybridge solicitors independently although you'll need to choose one on the Kent Reliance conveyancing panel. The solicitor represents both you and Kent Reliance through the process.
I can not work out if my bank requires a lease extension. I have telephoned my Ivybridge building society branch on numerous occasions and was told they are content with the situation and they will lend. My Ivybridge conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Provided that the conveyancing practitioner is on the bank panel, she or he must comply with the CML Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Planning on purchasing a flat in Ivybridge. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the RBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Ivybridge conveyancer is on the RBS conveyancing panel.
I'm buying my first flat in Ivybridge with a loan from HSBC Bank. The sellers would not reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not disclose to my solicitor about this extras as it would put at risk my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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've recently found out that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a quick, no chain conveyancing. Ivybridge is where the house is located. Can you shed any light on this issue?
Flying freeholds in Ivybridge are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Ivybridge you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ivybridge may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I've found a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Ivybridge. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
The majority of houses in Ivybridge are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. It is clear that you are buying in Ivybridge so you should seriously consider looking for a Ivybridge conveyancing practitioner and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your lawyer will appraise you on the various issues.
I bought a split level flat in Ivybridge, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Similar properties in Ivybridge with a long lease are worth £165,000. The ground rent is £50 invoiced every year. The lease ceases on 21st October 2104
With only 78 years left to run we estimate the premium for your lease extension to range between £7,600 and £8,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.