We are buying a new build duplex in New Waltham and my lawyer is advising me that she has to the mortgage company to reveal incentives from the builder. I am under pressure to sign contracts and I don't want to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What does my ID and proof of funds have anything to do with my conveyancing in New Waltham? Is this really necessary?
New Waltham conveyancing solicitors as well as nationwide property practitioners throughout the UK have a duty under money laundering regulations 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 supply two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and evidence of address (typically a Utility Bill no older than three months).
Confirmation of the origin of funds is also required in compliance with the money laundering regulations as conveyancers are required to investigate that the monies you are utilising to buy a property (be it the exchange deposit or the full purchase amount if you are a cash purchaser) has come from an acceptable source (such as employment savings) as opposed to the product of illegitimate behaviour.
Do I need to pop into the offices of the solicitor to sign the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in New Waltham so that I can attend their offices when needed.
Whereas this was necessary 12 years ago, almost all lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to hand over ID documents and there are still distinct advantages to choosing a local solicitor, in your case a conveyancing solicitor in New Waltham.
If you had a top tip for selecting a conveyancing solicitor in New Waltham what would it be?
We would encourage you not to go for the cheapest New Waltham conveyancing costs illustration. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
Planning on purchasing a house in New Waltham. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham 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 New Waltham lawyer is on the Nottingham conveyancing panel.
UBS have agreed my home loan in principle, my offer on a flat in New Waltham has been accepted, what happens next?
Your property agent will want to be advised as to your lawyer's details (make sure the property lawyers are on the lender’s panel). Contact UBS or your broker and finish off any outstanding forms. UBS will sellect a valuer who will get in touch with the selling agent or seller to schedule a slot for the valuation to take place. Once carried out (assuming no problems) it takes about a week to get a mortgage offer. UBS will issue the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in New Waltham.
My husband and I are a couple of weeks into a freehold purchase having been directed to a firm by the estate agent to do our conveyancing in New Waltham. I am am starting to be dissatisfied with the level of service. Could you you assist me in finding new lawyers?
A conveyancer would need to be really bad to suggest changing them. Has your mortgage been sent? If so you will need to advise them of the new lawyer and ensure the mortgage documents are re-issued. The conveyancer needs to be on the mortgage company approved list to avoid escalating expenses and complications. So that should be your starting point. The find a solicitor tool will help you find a lender approved conveyancer for your home move in New Waltham
I have just started marketing my 2 bed apartment in New Waltham. Conveyancing solicitors are to be appointed soon, however I have recently had a half-yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should clear the service charge as you normally would given that all rents and maintenance charges will be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I acquired a basement flat in New Waltham, conveyancing formalities finalised in 1995. How much will my lease extension cost? Comparable properties in New Waltham with over 90 years remaining are worth £211,000. The ground rent is £45 charged once a year. The lease comes to an end on 21st October 2093
With only 68 years unexpired we estimate the premium for your lease extension to range between £9,500 and £11,000 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.