What does my ID and proof of funds have anything to do with my conveyancing in Surrey? Is this really necessary?
Surrey conveyancing solicitors and indeed property practitioners throughout the UK have a duty under money laundering regulations to check the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and evidence of address (typically a Utility Bill less than 3 months old).
Confirmation of the origin of funds is also required under the money laundering regulations as conveyancers are required to check that the funds you are using to purchase a property (whether it be the deposit for exchange or the total purchase monies where you are a cash purchaser) has come from an acceptable source (such as employment savings) and is not the product of criminal activity.
I am considering applying for a TSB mortgage for purchase of a new build (under development) in Surrey with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for TSB ?
There is nothing to stop you using your solicitor, but TSB will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I'm purchasing a new build house in Surrey with a loan from Barnsley Building Society. The sellers refused to reduce the amount so I negotiated £7000 of extras instead. The estate agent suggested that I not disclose to my conveyancer about the side-deal as it will impact my mortgage with Barnsley Building Society. Is this normal?.
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.
We're first time buyers - agreed a price, but the estate agent advised that the seller will only go ahead if we use their recommended lawyers as they need an ‘expedited deal’. Our preferred option is to instruct a high street solicitor who is familiar with conveyancing in Surrey
It is highly unlikely the owners are driving this. Should the owner want ‘a quick sale', turning down a serious purchaser is not the way to achieve this. Try to communicate with the sellers directly and make sure they understand (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you are going to use your preferred Surrey conveyancing solicitors - as opposed tothose that will provide their estate agent a commission or hit his conveyancing targets pre-set by HQ.
I am on look out for some leasehold conveyancing in Surrey. Before diving in I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Surrey - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I purchased a basement flat in Surrey, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Surrey with a long lease are worth £190,000. The ground rent is £45 per annum. The lease expires on 21st October 2087
You have 62 years remaining on your lease the likely cost is going to be between £17,100 and £19,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed 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 want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
Myself and my partner have just had an offer accepted on a house and had an appointment on Wednesday with the Post Office for the mortgage. They warned me that when it comes to appointing a solicitor that if they are not on their approved panel of conveyancers then we will incur a further fee of £250+. This is is due to the fact that they would then have to appoint a property lawyer to act on their behalf as well as the one we select for ourselves and we will be on the hook for their fees. I have asked the Post Office to furnish me with a list so I can request estimates only from their approved conveyancers but was told that I need to check with each individual solicitor to see if they are on the panel. Is there a simple way of finding out who is on a lender panel?
You can enquire of the Post Office what their panel criteria is for a solicitor.Thereafter ask the solicitor of your choice whether they fit that criteria and have they acted on mortgages for the Post Office in the past. If the answer to those is yes, then just clarify this with the Post Office. Another option is to make use of our search tool and we should be able to find you a lawyer in Surrey on the approved list for the Post Office.