I am purchasing a newly built duplex in Shefford and my lawyer is advising me that she has to the bank to reveal incentives from the developer. I am nearing the developer’s deadline to sign contracts and I don't want to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What does my ID and proof of funds have anything to do with my conveyancing in Shefford? Why is this being asked of me?
You are right in these requests have nothing to do with conveyancing in Shefford. However these days you can not complete any conveyancing process without first supplying evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a council tax bill. Remember if you are providing your driving licence as proof of ID it must be both the paper element as well as the photo card part, one is not sufficient in the absence of the other.
Proof of the origin of money is mandated under Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancing solicitor will need to retain this information on record. Your Shefford conveyancing practitioner will need to see evidence of proof of funds before they are able to accept any monies from you into their client account and they will also ask further questions regarding the origin of funds.
I am looking for a ground for flat up to £235,500 and identified one close by in Shefford I like with open areas and railway links nearby, the downside is that it only has 52 years on the lease. I can't really find anything else in Shefford suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a home loan the remaining unexpired lease term may be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
In searching the internet for the words conveyancing in Shefford it reveals numerous solicitorsin the area. How do I determine which is the right conveyancer for the sale of my house?
The best method of choosing the right conveyancer is through a personal testimonial, so enquire of colleagues and those you trust who have purchased a property in Shefford or a reputable estate agent or mortgage broker. Costs for conveyancing in Shefford vary, so it's advisable to obtain at least three estimates from different solicitors. Make sure that you clarify what costs in the quote includes.
Frank (my husband) and I may need to sub-let our Shefford ground floor flat temporarily due to taking a sabbatical. We instructed a Shefford conveyancing practice in 2002 but they have since shut and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Notwithstanding that your previous Shefford conveyancing lawyer is no longer around you can check your lease to see if you are permitted to let out the property. The rule is that if the lease is non-specific, subletting is permitted. Quite often there is a prerequisite that you must obtain permission from your landlord or some other party before subletting. The net result is that you cannot sublet without first obtaining consent. The consent is not allowed to be unreasonably withheld. If the lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.
I purchased a leasehold flat in Shefford, conveyancing was carried out 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Shefford with an extended lease are worth £255,000. The ground rent is £45 invoiced annually. The lease expires on 21st October 2098
With only 73 years unexpired the likely cost is going to range between £8,600 and £9,800 as well as costs.
The suggested premium range that we have given is 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 detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt 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 getting professional advice.
Why do I have to send my conveyancer with numerous items of ID before they can proceed with selling or buying a property in Shefford?
Shefford conveyancers are obliged by the Law Society, SRA, HM Land Registry and current AML legislation to certify that the have verified the identity of their clients. It will also be a requirement of your lender if you are obtaining a mortgage. In addition they have to complete various forms, particularly those relating to Land Tax and need to have information such as your full names, national insurance number and DOB.