My wife and I are planning to acquire a property in Kibworth Beauchamp and have appointed a Kibworth Beauchamp conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Barclays have this morning contacted us to inform me that they have now hit a problem as our Kibworth Beauchamp lawyer is not on their conveyancing panel. Is this a problem?
If you are buying a property requiring a mortgage it is conventional for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Kibworth Beauchamp lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I have given 8 weeks notice to my current landlord and must be out of my let out flat in Kibworth Beauchamp by 30/5/2025. Conveyancing on my purchase is progressing. How realistic is it to complete in 5 weeks as I wish to avoid having to move into temporary accommodation?
The normal practice is not to provide notice for your tenancy until your lawyer suggests that you should. Assuming that you have not previously done so, speak to your lawyer and ask them to they cajole the owners lawyers, try to a target completion date that everyone will look to achieve
What does my ID and proof of funds have anything to do with my conveyancing in Kibworth Beauchamp? Is this really necessary?
Kibworth Beauchamp conveyancing solicitors and indeed property lawyers throughout the UK have a duty under Anti-terror and anti-money-laundering rules to verify the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and proof of address (usually a Utility Bill no older than three months).
Confirmation of source of funds is also required under the money laundering laws as solicitors have a duty to investigate that the money you are utilising to acquire a property (be it the exchange deposit or the total purchase monies where you are buying without a mortgage) has originated from an acceptable source (such as an inheritance) rather than the product of illegitimate activity.
Just had an offer accepted on a new build apartment in Kibworth Beauchamp. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Kibworth Beauchamp
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? There must be mutual enforceability of lessee’s covenants. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I am looking for a leasehold apartment up to £195,000 and found one near me in Kibworth Beauchamp I like with a park and station in the vicinity, however it's only got 51 years unexpired on the lease. There is not much else in Kibworth Beauchamp for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a mortgage that many years will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
I have been recommended by numerous property agents in Kibworth Beauchamp to select a solicitor on your site. What’s the financial incentive for Estate Agents to market your site ahead of a competitor’s?
We refuse to offer any commission for directing people in our direction. We found it would be just too difficult a fee because a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.