I can't travel far from Sittingbourne. Please explain the reason why all Sittingbourne property lawyers aren't included on all mortgage company panels?
Even though it may seem unfair for banks to restrict who can act for them, from the public’s or solicitor’s standpoint, the other side of the coin is that mortgage companies are increasingly anxious and feel it imperative to defend themselves from illegal activities. As a result of this concern mortgage companies are limiting their panel of approved conveyancing lawyers to a size that they are happy to control.
In what way does my ID and proof of funds have anything to do with my conveyancing in Sittingbourne? Why is this being asked of me?
Sittingbourne conveyancing solicitors and indeed property practitioners throughout the UK have a duty under money laundering regulations to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified ID; proof of identity (usually 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 necessary in compliance with the money laundering statutes as lawyers are duty bound to check that the funds you are utilising to purchase a property (be it the exchange deposit or the total purchase amount if you are buying without a mortgage) has originated from an acceptable source (such as employment savings) as opposed to the product of criminal behaviour.
I am purchasing a new build house in Sittingbourne with the aid of help to buy. The developers refused to reduce the amount so I negotiated 6k of extras instead. The house builders rep told me not inform my lawyer about this side-deal as it may jeopardize my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I have been on the look out for a leasehold apartment up to £305k and identified one close by in Sittingbourne I like with open areas and station in the vicinity, the downside is that it only has 61 years on the lease. There is not much else in Sittingbourne suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the shortness of the lease will be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
I have been recommended by numerous selling agents in Sittingbourne to choose a conveyancer using your seach tool. Is there a financial inducement for Estate Agents to offer your services over alternative conveyancing organisations?
We don’t make any referral fee for directing people our way. We thought it would be too underhand to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
I have just appointed agents to market my garden flat in Sittingbourne. Conveyancing solicitors are to be appointed soon, however I have just received a yearly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge as you normally would given that all rents and service payments should be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am the registered owner of a split level flat in Sittingbourne, conveyancing having been completed 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Sittingbourne with an extended lease are worth £176,000. The ground rent is £50 charged once a year. The lease ceases on 21st October 2106
You have 80 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.