My fiance’s uncle is a conveyancing practitioner. I am hopeful that I will receive friends and family fee for conveyancing, However if that does not come through, what level of fees should I be paying for conveyancing in Rendlesham?
It’s prudent to request 3 or more like-for-like conveyancing estimates. Do use our search tool on this site. Whilst amounts will vary but service levels do are distinct between law firms as is the case with the vast majority of professional services.
My conveyancer has uncovered a a legal deficiency with the lease for the apartment we are buying in Rendlesham. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancing practitioner says that he must ensure that the bank is willing to move forward with this solution. Who is the client here, us or the lender?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the bank are the client. These conveyancing instructions must be adhered to.
In what way does my ID and proof of funds have anything to do with my conveyancing in Rendlesham? Is this really warranted?
It is indeed that case that the requirement set out by your lawyer has nothing to do with conveyancing in Rendlesham. Nowadays you can not complete any conveyancing deal if you have not providing evidence of your identity. This usually takes the form of a either your passport or driving licence and a bank statement. Remember if you are providing your driving licence as proof of identification it must be both the paper section as well as the photo card part, one is not satisfactory without the other.
Verification of the origin of money is necessary in accordance with the Money Laundering Regulations. Please do not be offended when when this is requested of you as your lawyer must have this information on file. Your Rendlesham conveyancing solicitor will require evidence of proof of funds prior to accepting any funds from you into their client account and they should also ask further questions regarding the source of funds.
I have a decision in principle. The bank mentioned the home loan came with free conveyancing. Does this mean I have to instruct their panel lawyer as I would much rather use a local conveyancing solicitor in Rendlesham?
Do check but the the probability is that appoint one of their panel lawyers where you take up the "fee-free" offer. Call the bank to see if they offer you a monetary alternative. Some lenders have previously offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor near Rendlesham.
How does conveyancing in Rendlesham differ for new build properties?
Most buyers of new build residence in Rendlesham contact us having been asked by the builder to exchange contracts and commit to the purchase even before the property is built. This is because builders in Rendlesham tend to purchase 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 Rendlesham or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a quick, no chain conveyancing. Rendlesham is where the house is located. Is there any guidance you can impart?
Flying freeholds in Rendlesham are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Rendlesham you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rendlesham may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.