Unfortunately I am unable to travel far from Rochester. Is there a reason why all Rochester solicitors aren't automatically on all lender panels?
Even though it may seem unfair for mortgage companies to limit who can act for them, from the public’s or solicitor’s standpoint, the other side of the coin is that lending institutions are becoming ever more anxious and regard it crucial to shield themselves against illegal activities. As a consequence of this concern lenders are limiting their conveyancing panel to a manageable size.
In what way does my ID and proof of funds have anything to do with my conveyancing in Rochester? What am I being asked for?
Rochester conveyancing solicitors as well as nationwide property lawyers accross the UK have an obligation under money laundering regulations to check the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and proof of address (usually a Bank Statement no more than three months).
Proof of the origin of monies is also necessary under the money laundering laws as lawyers are obliged to ensure that the monies you are using to acquire a property (whether it be the deposit for exchange or the total purchase price if you are a cash purchaser) has originated from a reputable source (such as an inheritance) rather than the proceeds of criminal behaviour.
Will our solicitor be asking questions about flooding as part of the conveyancing in Rochester.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Rochester. There are those who acquire a house in Rochester, fully aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Lawyers are not qualified to offer advice on flood risk, however there are a numerous checks that may be undertaken by the purchaser or on a buyer’s behalf which will figure out the risks in Rochester. The conventional set of completed inquiry forms given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard question of the seller to find out if the premises has suffered from flooding. If the premises has been flooded in past and is not disclosed by the owner, then a purchaser could commence a claim for damages resulting from an incorrect reply. A purchaser’s conveyancers should also conduct an enviro search. This should indicate if there is any known flood risk. If so, more detailed inquiries should be conducted.
five months have gone by following my purchase conveyancing in Rochester took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Rochester differ for newly converted properties?
Most buyers of new build or newly converted property in Rochester contact us having been asked by the developer to sign contracts and commit to the purchase even before the property is ready to move into. This is because house builders in Rochester tend to acquire the site, 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 property lawyers 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 Rochester or who has acted in the same development.
What advice can you give us when it comes to finding a Rochester conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Rochester conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with several firms including non Rochester conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be helpful:
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Can they put you in touch with clients in Rochester who can give a testimonial? How familiar is the firm with lease extension legislation?
Rochester Leasehold Conveyancing - Examples of Questions you should consider before Purchasing
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The answer will be useful as a) areas may result in problems for the building as the communal areas may start to deteriorate if maintenance are not paid for b) if the leaseholders have a dispute with the managing agents you will need to have full disclosure Make sure you enquire if there are any onerous prohibitions in the lease. For instance it is very common in Rochester leases that pets are not allowed in in a block in Rochester. If you love the apartmentin Rochester yet your cat can’t move with you then you have a very difficult decision. It is important to be aware if changing the roof or some other significant cost is due shortly to be shared by the tenants and may well materially increase the the service charges or require a specific invoice.