What does my ID and proof of funds have anything to do with my conveyancing in Market Deeping? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Market Deeping conveyancing firm will require evidence of your identity in all conveyancing matters. This is usually satisfied by provision of a passport and an original bank statement or utility account evidencing your correct address.
Under Money Laundering Regulations, conveyancers are required to check not only the identity of conveyancing clients but also the origin of fund that they receive in respect of any matter. Refusal to disclose this may result in your lawyer ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to inform the relevant authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
My wife and I own a semi-detached Georgian property in Market Deeping. Conveyancing solicitor acted for me and Accord Mortgages Ltd. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, the second leasehold under the exact same address. I'd like to know for sure, how can I find out??
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Market Deeping and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the situation with your conveyancing lawyer who conducted the work.
I'm buying a new build house in Market Deeping with the aid of help to buy. The sellers would not budge the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep told me not disclose to my conveyancer about the deal as it could impact my mortgage with the bank. 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.
I opted to have a survey completed on a property in Market Deeping in advance of appointing solicitors. I have been told that there is a flying freehold element to the house. My surveyor has said that some banks tend refuse to grant a loan on a flying freehold house.
It depends who your proposed lender is. Lloyds has different instructions from Nationwide. If you contact us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Market Deeping. Conveyancing may be slightly more expensive based on your lender's requirements.
I'm converting the mortgage on my existing property to a BTL loan with Barclays and intend to use the remaining equity towards another house. The neighborhood we are interested in is Market Deeping. Will your solicitors be able to act for both sets of mortgage companies and link together the transactions?
Make use of our search tool on this page to ensure that the solicitors are on the relevant lender panels. On the basis that they are the lawyer will be able to tie up the two transactions but you should have a chat with you conveyancer and specify your expectations and needs.
I am employed by a reputable estate agent office in Market Deeping where we have experienced a number of flat sales derailed due to short leases. I have been given inconsistent advice from local Market Deeping conveyancing firms. Could you confirm whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I acquired a 2 bed flat in Market Deeping, conveyancing having been completed half a dozen 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? Equivalent flats in Market Deeping with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 yearly. The lease ends on 21st October 2080
You have 55 years unexpired we estimate the price of your lease extension to span between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.