I am in the throes of switching my current residential loan to a Buy to Let Santander mortgage. I was told by my mortgage that I must appoint a solicitor for this. I had a chat the same New Ferry conveyancing firm who acted on my behalf when I first purchased the property. The quote e-mailed to me of £575 plus disbursements has taken me by surprise as I am not require purchase conveyancing - it’s just a straightforward remortgage.
The quote is slightly on the expensive side. If you you were to look around you might trim some of the cost by perhaps £100 plus VAT. On the other hand, assuming were content with the conveyancing the firm provided you maylive to rue opting for an an unknown solicitor. Don't forget to be sure the firm can represent Santander. Do employ our search tool to choose a New Ferry conveyancing firm on the Santander conveyancing panel, which can often include conveyancing solicitors in New Ferry.
Our grandson is about to exchange on a house that has just been built in New Ferry with a mortgage from Leeds Building Society. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Leeds Building Society conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What does my ID and proof of funds have anything to do with my conveyancing in New Ferry? Is this really necessary?
In order to comply with Money Laundering Regulations any New Ferry conveyancing firm will require proof of identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility account evidencing where you live.
In accordance with Money Laundering Regulations, property lawyers are duty bound to check not only the ID of conveyancing clients but also the origin of the money that they receive in respect of any matter. An unwillingness to disclose this may lead to your lawyer cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers 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.
I am expecting a OIP from Kent Reliance this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Kent Reliance recommend any New Ferry solicitors on the Kent Reliance conveyancing panel, or is it better to go independently?
You will need to appoint New Ferry 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.
My fiancee and I are at the point of viewing houses in New Ferry and I am now considering a potential offer. Is it too early to have a solicitor in place? I will be getting a home loan with Kent Reliance.
It would be sensible to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. Given that you are taking out a mortgage with Kent Reliance, ask your prospective lawyers if they are on the Kent Reliance conveyancing panel otherwise they can't do the mortgage legal work.
I currently have a mortgage with HSBC for my property in New Ferry. Conveyancing was finalised 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform HSBC?
Your original mortgage agreement with HSBC will provide that you need their approval before renting your property as this is likely to be a breach of HSBC’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact HSBC directly. It should not be necessary to do this via a HSBC conveyancing panel solicitor.
My friend recommended that if I am purchasing in New Ferry I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally included in the estimate for your New Ferry conveyancing searches. It is a large report of more than thirty pages, listing and detailing important information about New Ferry around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, New Ferry Education with plans and statistics, Local Amenities and other useful information regarding New Ferry.
Can you provide any top tips for leasehold conveyancing in New Ferry from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in New Ferry can be bypassed if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the buyers’ lawyers. Some New Ferry leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. If you are supposed to have a share in the Management Company, you should make sure that you have the original share certificate. Organising a new share certificate can be a time consuming formality and delays many a New Ferry home move. Where a reissued share certificate is needed, do contact the company director and secretary or managing agents (where relevant) for this sooner rather than later. You may think that you are aware of the number of years remaining on your lease but you should double-check via your solicitors. A buyer’s conveyancer will not be happy to advise their client to where the remaining number of years is under 80 years. It is therefore important at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.
I inherited a ground floor flat in New Ferry, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in New Ferry with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease terminates on 21st October 2078
With just 53 years remaining on your lease we estimate the price of your lease extension to range between £27,600 and £31,800 plus legals.
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 may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.