In what way does my ID and proof of funds have anything to do with my conveyancing in Downe? What am I being asked for?
Downe conveyancing solicitors as well as nationwide property lawyers accross the UK have an obligation under Anti-terror and anti-money-laundering rules to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).
Evidence of source of monies is also necessary in compliance with the money laundering statutes as lawyers are required to ensure that the money you are utilising to acquire a property (be it the exchange deposit or the total purchase price if you are buying mortgage free) has come from an acceptable source (such as an inheritance) as opposed to the fruits of criminal behaviour.
I have been told by my solicitor that lack of right of way insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Downe?
The appropriate level of lack of right of way indemnity insurance depends on who your lender is. It would differ for example between Barclays and Skipton Building Society. Conveyancing solicitors as opposed to members of the public take out such insurances.
We expect to receive a AIP from Santander this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Santander recommend any Downe solicitors on the Santander conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Downe solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
I have finally had an offer on a maisonette in Downe agreed to, but there is a chain. The sellers have offered on on an apartment, but it’s not yet tied up, and are looking at other flats booked. I have chosen a bricks and mortar conveyancing solicitor in Downe. What do I do now? At what point do I apply for the mortgage with Nationwide?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx £1k, then survey, Downe conveyancing search costs, etc). First, you should ensure that your property lawyer is on the Nationwide conveyancing panel. Concerning the subsequent steps this very much dictated by the uniqueness of your transaction, attraction to this property and on the state of the market. During a hot market some purchasers would apply for the mortgage with Nationwide and pay for the valuation and only if it comes back ok would they pay their solicitor to move forward with searches.
Should my solicitor be raising enquiries concerning flooding during the conveyancing in Downe.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Downe. There are those who purchase a house in Downe, completely aware that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to give advice on flood risk, however there are a number of checks that can be initiated by the purchaser or by their solicitors which can give them a better appreciation of the risks in Downe. The conventional set of completed inquiry forms supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a usual question of the owner to discover if the premises has suffered from flooding. If flooding has previously occurred and is not disclosed by the owner, then a buyer could bring a claim for damages resulting from an incorrect response. The purchaser’s lawyers should also order an environmental search. This will indicate if there is any known flood risk. If so, more detailed investigations should be conducted.
How does conveyancing in Downe differ for newly converted properties?
Most buyers of new build residence in Downe come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is finished. This is because builders in Downe tend to purchase the real estate, 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 conveyancers 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 used to new build conveyancing in Downe or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a quick, chain free conveyancing. Downe is the location of the property. Is there any advice you can impart?
Flying freeholds in Downe are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Downe you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Downe may determine 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.
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have subsequently found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Downe. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Downe are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Downe so you should seriously consider shopping around for a Downe conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your lawyer should report to you on the legal implications.
Having spent years of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Downe. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We are happy to put you in touch with a Downe conveyancing firm who can help.
An example of a Lease Extension case for a Downe residence is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The unexpired residue of the current lease was 50.57 years.