We were about to instruct a conveyancing solicitor in Burwell listed on your site but have come across some other estimates on the internet seem less pricey – why is this?
You can find many firms of conveyancing organisations advertising at first sight what seems to be very low prices. Our advice is to give due consideration about how important this transaction is to you that want to take 'cheap' risks concerning the quality of the legal work. Some embed fees well inside the terms and conditions. The law firms that we put forward for conveyancing in Burwell neverbehave this way.
What does my ID and proof of funds have anything to do with my conveyancing in Burwell? Why is this being asked of me?
Burwell conveyancing solicitors and indeed property practitioners accross the UK have an obligation under money laundering regulations 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 provide two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and proof of address (typically a Utility Bill no older than three months).
Evidence of the origin of funds is also required under the money laundering regulations as solicitors are obliged to ensure that the funds you are utilising to acquire a property (be it the exchange deposit or the total purchase monies where you are buying mortgage free) has come from a reputable source (such as an inheritance) and is not the product of criminal behaviour.
Having invested time looking at mumsnet.com for a cheap lawyer in Burwell, many comment that I should look for a CQS accredited lawyer. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in the legal transfer of properties, trusted by some of the UK's major mortgage companies. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Legal Ombudsman. CQS is not a scheme offered by the Council of Licensed Conveyancing. Burwell is one of the numerous areas in England and Wales where there are CQS solicitors.
Me and my partner are buying a property in Burwell. I might seem paranoid but how we can trust a lawyer? At some point we will need to deposit funds into their account. What is the protection we have from them run away with our deposit?
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.
My aunt pointed out to me me that in purchasing a property in Burwell there could be a number of restrictions preventing external changes to the property. Is this right?
There are anumerous of properties in Burwell which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Burwell should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
My partner and I are in the process of looking at flats in Burwell and I am about to put in an offer. Is it premature to have a solicitor in place? I am planning to take a home loan with UBS.
It would be sensible to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. Given that you are getting a mortgage with UBS, make sure you remember to check that your lawyer is on the UBS conveyancing panel.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Burwell is where the house is located. Is there any guidance you can give?
Flying freeholds in Burwell are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Burwell you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Burwell may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
In relation to leasehold conveyancing in Burwell what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Burwell. Most leases are unique and legal mistakes in the legal wording can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
Insurance obligations Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Virgin Money, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.
I inherited a ground floor flat in Burwell, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Corresponding flats in Burwell with over 90 years remaining are worth £171,000. The ground rent is £50 yearly. The lease comes to an end on 21st October 2100
With 79 years remaining on your lease we estimate the premium for your lease extension to be between £7,600 and £8,800 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you 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.