What does my ID and proof of funds have anything to do with my conveyancing in Great Baddow? Is this really necessary?
In order to comply with Money Laundering Regulations any Great Baddow conveyancing firm will require proof of identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility account showing your correct address.
Under Money Laundering Regulations, property lawyers are duty bound to check not simply the ID of conveyancing clients but also the origin of the money that they receive in respect of any matter. Refusal to disclose this may result in your lawyer ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to inform the relevant authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.
My wife and I have arranged the release of further monies on our mortgage from Yorkshire BS as we intend to conduct a loft conversion to our property in Great Baddow. Are we obliged to select a high street Great Baddow solicitor on the Yorkshire BS conveyancing panel to handle the paperwork?
Yorkshire BS do not ordinarily appoint a member of their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Yorkshire BS conveyancing panel.
Having read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Great Baddow solicitor - who is on the Barclays conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Barclays will need an independent valuation of the property. Your lawyer will not arrange this. Usually Barclays will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Great Baddow postcode. As you are getting a mortgage with Barclays, you could contact them to see if they have a list of approved surveyors in Great Baddow.
After what feels like an age I have had an offer on a maisonette in Great Baddow accepted, the sellers do however have a dependent purchase. The sellers have offered on a property, but it’s not yet agreed to, and have viewings of other flats booked. I have chosen a nearby conveyancing solicitor in Great Baddow. What should be my next step? At what point should I apply for the mortgage with Nationwide?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is in the region of £1k, then survey, Great Baddow conveyancing search fees, etc). The first course of action is to ensure that your lawyer is on the Nationwide approved list. Concerning the next stages this very much depends on the uniqueness of your transaction, attraction to the property and on the state of the market. In a rising market the majority of home buyers will apply for a home loan with Nationwide and arrange for the valuation and only if it comes back ok would they ask their lawyer to proceed with searches.
We are selling our home in Great Baddow and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. Any high street Great Baddow conveyancer would know that there is no such problem. It does beg the question why the buyers used a nationwide conveyancing practice rather than a conveyancing solicitor in Great Baddow. Having lived in Great Baddow for three years we know of no issue. Is it a good idea to contact our local Authority to seek confirmation need.
It sounds as though you may have a conveyancing firm currently acting for you. Are they able to advise? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
It has been four months following my purchase conveyancing in Great Baddow took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Great Baddow is where the house is located. Is there any guidance you can give?
Flying freeholds in Great Baddow are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Great Baddow you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Great Baddow may decide 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've found a house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Great Baddow. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Great Baddow ?
The majority of houses in Great Baddow are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Great Baddow so you should seriously consider looking for a Great Baddow conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your solicitor should appraise you on the various issues.
I invested in buying a garden flat in Great Baddow, conveyancing was carried out in 1996. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Great Baddow with over 90 years remaining are worth £206,000. The ground rent is £45 charged once a year. The lease ends on 21st October 2092
You have 66 years remaining on your lease we estimate the premium for your lease extension to span between £12,400 and £14,200 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.