My partner and I are getting closer to an exchange on a property in St Ives and my parents have sent the exchange deposit to my property lawyer. I am now told that as the deposit has not come from me my conveyancer needs to make a notification to my bank. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I advised the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
The property lawyer is obliged to clarify with lender to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
What does my ID and proof of funds have anything to do with my conveyancing in St Ives? What am I being asked for?
St Ives conveyancing solicitors and indeed property lawyers throughout the UK have a duty under Anti-terror and anti-money-laundering rules to verify the identity of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).
Confirmation of source of monies is also necessary under the money laundering laws as conveyancers are duty bound to investigate that the funds you are using to buy a property (whether it be the deposit for exchange or the total purchase amount if you are buying mortgage free) has come from a reputable source (such as employment savings) rather than the fruits of criminal activity.
A colleague recommended that if I am purchasing in St Ives I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes quoted for as part of the standard St Ives conveyancing searches. It is a large document of about 40 pages, listing and detailing important information about St Ives around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the St Ives Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data about St Ives.
My husband and I are first time buyers - had an offer accepted, but the selling agent advised that the vendor will only move forward if we instruct the agent's preferred lawyers as they want a ‘quick sale’. We would rather use a local conveyancer used to conveyancing in St Ives
We suspect that the owner is not behind this demand. If they desire ‘a quick sale', taking such a hostile approach to a genuine buyer is likely to cause more damage than good. Bypass the agents and go straight to the sellers and make the point that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you are going to instruct your preferred St Ives conveyancing lawyers - as opposed tothe ones that will provide the estate agent a introducer fee or meet his conveyancing thresholds pre-set by head office.
My wife and I purchased a leasehold flat in St Ives. Conveyancing and Alliance & Leicester mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1991. The conveyancing solicitor in St Ives who acted for me is not around. Do I pay?
First make enquiries of the Land Registry to be sure that this person is indeed the new freeholder. There is no need to incur the fees of a St Ives conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I acquired a garden flat in St Ives, conveyancing formalities finalised 3 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in St Ives with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 yearly. The lease ends on 21st October 2091
With just 65 years remaining on your lease we estimate the premium for your lease extension to span between £13,300 and £15,400 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
Do I cancel my mortgage payments with Santander as soon as a completion date for my sale in St Ives has been agreed?
You would be well advised to maintain paying any mortgage payments to Santander until the mortgage is discharged out of the proceeds of sale as part of your St Ives conveyancing.