In what way does my ID and proof of funds have anything to do with my conveyancing in Sileby? What am I being asked for?
Sileby conveyancing solicitors as well as nationwide property lawyers throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the identity 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 ID (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement less than 3 months old).
Evidence of the origin of monies is also required under the money laundering laws as conveyancers are required to ensure that the funds you are utilising to buy a property (whether it be the deposit for exchange or the total purchase monies where you are buying without a mortgage) has originated from an acceptable source (such as an inheritance) as opposed to the fruits of illegitimate activity.
We're in Sileby, First time buyers purchasing with a mortgage (lender is UBS , and our lawyer is on the UBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the UBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
We are due to move house in March. Should my conveyancing solicitor communicate with the removal company on the day of completion. Incidentally, can you suggest a removal company in Sileby. Conveyancing solicitor was found before I stumbled across this site.
On the afternoon of completion you will need to pick up the keys from your property agent however this can only occur when the vendors lawyers confirm to the agent that the monies to complete are in and the keys can be passed over. You should inform the removal company that they can start moving you in. As a matter of policy we do not recommend a particular removal organisation but can help you choose a residential property solicitor in Sileby or a legal practice with expertise in conveyancing in Sileby.
We previously chose conveyancers with offices in Sileby on the Virgin Money solicitor panel. They have just billed me a separate amount for dealing with the Virgin Money mortgage. Is this an additional conveyancing fee specified by Virgin Money?
Provided it is contained in their Terms of Engagement or estimate then yes your property lawyer is entitled to charge a fee for this. This charge is not set by Virgin Money but by your Sileby conveyancer. Numerous firms on the Virgin Money panel will quote an ‘acting for lender’ fee and others do not.
I am selling my flat. I had a double glazing fitted in March 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Bank of Ireland are being difficult. The Sileby solicitor who is on the Bank of Ireland conveyancing panel is recommending indemnity insurance as a solution but Bank of Ireland are insisting on a building regulation certificate. Why do Bank of Ireland have a conveyancing panel if they don't accept advice from them?
It is probably the case that Bank of Ireland have referred the matter to their valuer. The reason why Bank of Ireland may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I have been on the look out for a flat up to £305k and found one near me in Sileby I like with open areas and railway links nearby, however it's only got 49 remaining years left on the lease. There is not much else in Sileby suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the shortness of the lease may be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
I am tempted by the attractive purchase price for a two apartments in Sileby both have in the region of 50 years left on the leases. Do I need to be concerned?
There are plenty of short leases in Sileby. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease deteriorates and results in it becoming more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena.
I inherited a 2 bed flat in Sileby, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Sileby with a long lease are worth £222,000. The ground rent is £50 per annum. The lease runs out on 21st October 2096
With 70 years left to run the likely cost is going to span between £9,500 and £11,000 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you 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 concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.
I need to assess estimates for conveyancing in Sileby from various conveyancer and appoint one. Am I right to ask them to sit tight until I a suitable apartment to buy.
You should only request your conveyancer to start work and apply for searches after the sales confirmation has been sent by the estate agent particularly as Sileby conveyancing searches are a couple of hundred pounds.