The conveyancer who dealt with my last purchase has sent a quote for £1700 for fixed fee conveyancing in Norfolk. I am hoping to downsize from a Victorian detached home for £225,000. Is this expensive? Is it above the average fee for conveyancing in Norfolk?
The charges are a tad high. If you shop around you might get the conveyancing a bit cheaper by perhaps £100 plus VAT. On the other hand, you mightcome to regret opting for an an untested solicitor. Don't forget to enquire the solicitor can act for your lender. Do employ our comparison tool to find a Norfolk conveyancing practice on the lender’s approved list of lawyers which can often include conveyancing solicitors in Norfolk.
What does my ID and proof of funds have anything to do with my conveyancing in Norfolk? Is this really necessary?
In order to comply with Money Laundering Regulations any Norfolk conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility bill showing where you reside.
Under Money Laundering Regulations, conveyancing solicitors are required to investigate not only the ID of conveyancing clients but also the origin of the money that they receive in respect of any matter. Refusal to disclose this may result in your conveyancer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to notify the relevant authorities should they believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Principality Conveyancing panel ahead of completing my conveyancing in Norfolk?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I have been told that property searches are the main reason for stalling in Norfolk conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances in the conveyancing process. Local searches are unlikely to be the root cause of holding up conveyancing in Norfolk.
I'm buying a new build house in Norfolk with the aid of help to buy. The builders refused to reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent told me not disclose to my conveyancer about the extras as it would adversely affect my mortgage with Chelsea Building Society. Should I keep quiet?.
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 decided to have a survey carried out on a house in Norfolk prior to retaining lawyers. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies will not grant a loan on a flying freehold house.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. If you contact us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Norfolk. Conveyancing may be slightly more expensive based on your lender's requirements.