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?
To satisfy the Money Laundering Regulations any Rochester conveyancing firm will require evidence of your identity in all conveyancing transactions. This is usually 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 obliged by law to investigate not just the identity of conveyancing clients but also the origin of fund that they receive in respect of any matter. An unwillingness to disclose this may result in your solicitor cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to notify the relevant authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
How can we know in advance if a Rochester conveyancing solicitor on the UBS panel is any good?
When it comes to conveyancing in Rochester getting recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the lawyer carrying out your conveyancing.
I was told two weeks ago that my mortgage has been agreed to by Bank of Ireland. Is it usual for Bank of Ireland to only issue the offer once my solicitor in Rochester is approved on their conveyancing panel? Bank of Ireland have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Bank of Ireland to deal with your lawyer's application to be on the Bank of Ireland conveyancing panel. There's no guarantee that your solicitor will be accepted.
My offer on a property in Rochester has been agreed to, the vendors do however have a connected purchase. The vendors have offered on a flat, however it’s not been accepted yet, and have viewings of other flats in the pipeline. I have chosen a high street conveyancing solicitor in Rochester. What do I do now? At what point do I apply for the mortgage with Clydesdale?
It is usual to have concerns where there is a chain as you are unlikely to want to incur expenses too early (home loan application is in the region of one thousand pounds, then valuation, Rochester conveyancing search charges, etc). First, you should check that your conveyancing practitioner is on the Clydesdale approved list. Regarding the subsequent steps this very much dictated by the uniqueness of your transaction, attraction to this property and on the state of the market. In a rising market many home buyers would apply for a home loan with Clydesdale and pay for the valuation and only if it comes back ok would they ask their solicitor to move forward with the conveyancing in Rochester.
Despite weeks of looking the Title Certificate and documents to our home can not be found. The conveyancers who dealt with the conveyancing in Rochester 10 years ago no longer exist. What do I do?
Nowadays there are copies made of almost everything, and your conveyancer will know exactly where to look for all the suitable paperwork so you may buy or sell your property without a hitch. Where duplicates are not available, your conveyancer may be able to arrange cover in the form of insurance or indemnities against possible claims on your property.
I am buying a new build house in Rochester with a loan from Alliance & Leicester . The builders refused to move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent advised me not inform my conveyancer about the extras as it will affect my mortgage with the lender. Should I keep quiet?.
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 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.
Can you offer any advice when it comes to choosing 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 imperative that they be familiar with the legislation and specialises in this area of work. We suggest that you talk with two or three 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 useful:
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What are the legal fees for lease extension work?
I inherited a leasehold flat in Rochester, conveyancing was carried out in 2002. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Rochester with an extended lease are worth £197,000. The ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2080
With 55 years remaining on your lease we estimate the premium for your lease extension to be between £31,400 and £36,200 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.
I am short of a 10% deposit on my house purchase in Rochester , but I still want to go ahead. Do I have options?
One option is to try and accept a smaller deposit. Many vendors will agree to a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second