We selected a high street lawyer for our conveyancing in Rainham yesterday. Going through the official terms of business it is apparent thatwe are responsible for charges even where the conveyance does not complete. Should I go with them or appoint an on-line solicitor practice offering no-sale-no-fee conveyancing in Rainham?
It is usually ‘give and take’ in that if "No Completion No Fee" is offered then the fee levels will generally be higher to cover those conveyances that fail to complete. Also remember that such deals rarely protect you from expenditure such as Rainham conveyancing search fees.
In what way does my ID and proof of funds have anything to do with my conveyancing in Rainham? Is this really necessary?
Rainham conveyancing solicitors and indeed property lawyers throughout the UK have a duty under Anti-terror and anti-money-laundering rules to verify the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified ID; proof of identity (usually 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 under the money laundering statutes as solicitors have a duty to ensure that the money you are using to buy a property (be it the exchange deposit or the total purchase price where you are a cash purchaser) has come from legitimate source (such as employment savings) as opposed to the fruits of illegitimate activity.
I purchased a renovated Georgian house in Rainham. Conveyancing lawyer represented me and Barnsley Building Society. I did a free Land Registry search last week and there are two entries: the first freehold, another for leasehold with the matching property. Is it worth asking Barnsley Building Society to clarify?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Rainham and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the position with the conveyancing lawyer who conducted the purchase.
I'm purchasing my first flat in Rainham benefiting from help to buy. The builders refused to move on the amount so I negotiated 6k of extras instead. The property agent advised me not reveal to my lawyer about this extras as it could adversely affect my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the UK Finance website. UK Finance 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.
We're FTB’s - agreed a price, yet the property agent told us that the vendor will only proceed if we instruct the agent's recommended lawyers as they want a ‘quick sale’. We would rather use a family solicitor used to conveyancing in Rainham
We suspect that the owner is unaware of this requirement. Should the owner desire ‘a quick sale', turning down a serious purchaser is counter productive. Speak to the owners direct and make the point that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you are chain free (d) you intend to proceed fast (e)however you are going to appoint your preferred Rainham conveyancing solicitors - rather thanthe ones that will give their negotiator at the agency a commission or meet his conveyancing thresholds pre-set by HQ.
I am looking at a couple of flats in Rainham both have approximately fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Rainham. The lease is a right to use the premises for a period of time. As the lease shortens the marketability of the lease deteriorates and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area.
I own a second floor flat in Rainham. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for a lease extension?
in cases where there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to decide the amount due.
An example of a Lease Extension case for a Rainham residence is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The number of years remaining on the existing lease(s) was 57.5 years.