In what way does my ID and proof of funds have anything to do with my conveyancing in Costessey? Why is this being asked of me?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in Costessey. However these days you can not complete any conveyancing process if you have not providing evidence of your identity. This usually takes the form of a either your passport or driving licence and a utility bill. Please note that if you are supplying your driving licence as proof of ID it needs to be both the paper element as well as the photo card part, one is not sufficient in the absence of the other.
Proof of your origin of funds is mandated in accordance with the Money Laundering Regulations. Please do not be offended when you are asked to produce this as your lawyer will need to retain this information on file. Your Costessey conveyancing lawyer will need to see evidence of proof of funds before they are able to accept any money from you into their client account and they will also ask further queries regarding the origin of monies.
Please explain the implications if my solicitor is expelled from the Yorkshire BS Solicitor panel ahead of completing my conveyancing in Costessey?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I am helping my aunt sell her property in Costessey. Does the conveyancing solicitor order an EPC or it is for the owner to see to?
Following the demise of Home Packs, EPC’s was maintained a required element of selling a property. An EPC needs to be to hand in advance of the property being advertised. It is not something that law firms normally organise. If you are instructing a Costessey conveyancing solicitor they may be willing to arrange energy assessments given their relationships with long established Costessey assessors
A relative pointed out to me me that in buying a property in Costessey there may be various restrictions as to what one can do in terms of external alterations to the property. Is this right?
There are anumerous of properties in Costessey which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Costessey should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have paid off my mortgage with Virgin Money. I assume I don't need a Costessey conveyancer on the Virgin Money panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Virgin Money mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Virgin Money mortgage from the register. Virgin Money, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
Over the last few months I have been searching for a ground for flat up to £235,500 and found one round the corner in Costessey I like with amenity areas and railway links in the vicinity, however it's only got 52 years on the lease. I can't really find anything else in Costessey suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a mortgage the shortness of the lease will be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
We are a couple of weeks into a leasehold purchase having been directed to a firm by the estate agent to execute conveyancing in Costessey. We are not happy. Could you help me find new lawyers?
A conveyancer would have to be very poor in order to consider replacing them. Has your mortgage offer been issued? If so you will need to advise them of the new contact details and ensure the loan are re-sent. Your new solicitor ideally needs to be on the banks panel to avoid added expenses and delays. That should be your starting point. Our search tool should help you find a bank approved lawyer for your conveyancing in Costessey
What makes a Costessey lease defective?
There is nothing unique about leasehold conveyancing in Costessey. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
-
A provision for the recovery of money spent for the benefit of another party.
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Skipton Building Society, and Alliance & Leicester 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 provide security, forcing the purchaser to pull out.
I bought a basement flat in Costessey, conveyancing formalities finalised January 2001. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Costessey with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ends on 21st October 2091
With only 66 years left to run we estimate the premium for your lease extension to range between £11,400 and £13,200 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.