What does my ID and proof of funds have anything to do with my conveyancing in Boreham? Why is this being asked of me?
Boreham conveyancing solicitors and indeed property lawyers throughout the UK have a duty under money laundering regulations to check the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and evidence of address (typically a Utility Bill no more than three months).
Evidence of source of funds is also required in compliance with the money laundering statutes as lawyers are duty bound to investigate that the monies you are utilising to purchase a property (be it the exchange deposit or the full purchase amount where you are buying without a mortgage) has originated from an acceptable source (such as employment savings) as opposed to the product of criminal behaviour.
We are planning to purchase with Norwich and Peterborough Building Society. I called into 3 or 4 local firms yet am struggling to find a Boreham conveyancing firm on the Norwich and Peterborough Building Society approved list. Can you assist?
Please do make the most of the find a lender approved solicitor tool on this page. Please choose the lender and type Boreham or your preferred area and you will see a number of lawyer based in Boreham or by proximity to you.
My wife and I are purchasing a apartment in Boreham. I might seem paranoid but how we can trust a solicitor? At some point we have to deposit our life savings into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We had appointed solicitors locally in Boreham on the Principality solicitor panel. They are now charging me a further sum for the legal aspects of the Principality mortgage. Is this an additional conveyancing fee set by Principality?
Provided it is contained in their Terms of Engagement or Quote then yes your conveyancing practitioner is entitled to charge a fee for this. This charge is not set by Principality but by your Boreham conveyancer. Some firms on the Principality panel will charge an ‘acting for lender’ fee but many practices include it on their overall fee.
I am currently in the process of buying my council flat in Boreham. I have a mortgage agreed with Skipton. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Skipton, you will need to appoint a solicitor on the Skipton conveyancing panel.
How does conveyancing in Boreham differ for new build properties?
Most buyers of new build or newly converted property in Boreham approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is completed. This is because new home sellers in Boreham usually buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Boreham or who has acted in the same development.
My brother has suggested that I use his conveyancers in Boreham. Should I choose my own solicitor?
No doubt the ideal way to select a conveyancing solicitor is to have feedback from friends or family who have experience in using the conveyancer that you are contemplating using.
Can you offer any advice when it comes to finding a Boreham conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Boreham conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Boreham conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be helpful:
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Can they put you in touch with clients in Boreham who can give a testimonial? What are the legal fees for lease extension work?
I acquired a basement flat in Boreham, conveyancing formalities finalised January 2008. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Boreham with an extended lease are worth £179,000. The average or mid-range amount of ground rent is £65 yearly. The lease terminates on 21st October 2082
With 57 years unexpired we estimate the premium for your lease extension to range between £26,600 and £30,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive 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 you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.