My wife and I are approaching an exchange on a flat in New Romney and my mum and dad have transferred the exchange deposit to my lawyer. I am now informed that as the deposit has not arrived from me my property lawyer needs to make a notification to my bank. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your conveyancing practitioner is obliged to clarify with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in New Romney? Is this really necessary?
New Romney conveyancing solicitors as well as nationwide property practitioners accross the UK have an obligation under Anti-terror and anti-money-laundering rules to check the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and proof of address (typically a Utility Bill no more than three months).
Confirmation of source of monies is also necessary under the money laundering laws as solicitors are required to ensure that the money you are using to acquire a property (be it the exchange deposit or the total purchase amount if you are buying mortgage free) has come from legitimate source (such as employment savings) and is not the product of illegitimate activity.
How does conveyancing in New Romney differ for newly converted properties?
Most buyers of new build or newly converted property in New Romney approach us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is completed. This is because developers in New Romney usually acquire the real estate, 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 conveyancers 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 New Romney or who has acted in the same development.
I have been pointed in your direction by a number of property agents in New Romney to locate a conveyancer using your seach tool. Is there a financial incentive for Estate Agents to offer your services over and above alternative conveyancing organisations?
We don’t make any commission for directing people in our direction. We thought it would be too underhand a fee because a client could think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am using a search engine for the words cheap conveyancing in New Romney it brings up numerous conveyancerslocally. With so much choice what is the best way to find the right conveyancing solicitor for purchase transaction?
The ideal method of choosing the right conveyancer is through a personal testimonial, so enquire of friends and relatives who have purchased a property in New Romney or the local estate agent or mortgage broker. Costs for conveyancing in New Romney vary, so it's sensible to secure a minimum of three costs illustrations from varying types of solicitors. Make sure that you know that the charges are assured not to to be inflated.
Having checked my lease I have discovered that there are only 72 years left on my lease in New Romney. I now wish to get lease extension but my freeholder is missing. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to find the freeholder. For most situations a specialist should be helpful to conduct investigations and prepare an expert document to be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s disappearance and the application to the County Court covering New Romney.
Leasehold Conveyancing in New Romney - Examples of Queries Prior to buying
-
How much is the ground rent and service charge? Are any of leasehold owners in arrears of their service charge liability? Its a good idea to discover as much as possible regarding the company managing the building as they can either make life much easier or uncomfortable. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to every day matters like the tidiness of the communal areas. Don't be afraid to ask other tenants if they are happy with their management. On a final note, find out the dates that you are obliged pay the service charge to the relevant party and specifically what you get for your money.