I am in the throes of switching my current homeowner mortgage to a BTL Nottingham Building Society mortgage. I have been informed by my broker that I need a lawyer for this. I spoke to my past Neston conveyancing solicitor who who did the conveyancing when I first bought the premises. The fee calculation they've given of £575 plus disbursements has taken me by surprise as its a remortgage than a sale or purchase.
The estimate fees seem a bit high. If you shop around you might decrease the fees slightly by say £100 plus VAT. On the other hand, if you were content with the service the firm provided you mightcome to regret opting for an an untested lawyer. If is important to ensure that the firm can also act for Nottingham Building Society. Do use our search tool to locate a Neston conveyancing firm on the Nottingham Building Society approved list of lawyers, which can often include conveyancing solicitors in Neston.
My wife and I have recently purchased a property in Neston. We have noticed several problems with the property which we consider were omitted in the conveyancing searches. Is there anything we can do? What searches should? have been conducted as part of conveyancing in Neston?
It is not clear from the question as what problems have arisen and if they are specific to conveyancing in Neston. Conveyancing searches and due diligence undertaken during the legal transfer of property are supposed to help avoid problems. As part of the legal transfer of property, the vendor fills in a form known as a Seller’s Property Information Form. If the information proves to be incorrect, you may have a misrepresentation claim against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Neston.
In what way does my ID and proof of funds have anything to do with my conveyancing in Neston? What am I being asked for?
In order to comply with Money Laundering Regulations any Neston conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility account evidencing your correct address.
Under Money Laundering Regulations, conveyancing solicitors are required to ascertain not simply the ID of conveyancing clients but also the source of the money that they receive in respect of any matter. An unwillingness to disclose this may result in your conveyancer cancelling their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to inform the appropriate authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
Is there a search tool that I can use to check that the solicitor carrying out my conveyancing in Neston is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Alliance & Leicester thus paying £187.00 plus VAT in supplemental legal invoice.
Feel free to make use of the search tool on this page. Please choose the lender and type ‘Neston’ or your location and you will be presented with a number of lawyer offices in Neston or near you.
It has been four months following my purchase conveyancing in Neston completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. 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 premises 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.
We own a leasehold flat in Neston. Conveyancing was completed in 2011. I have read on numerous consumer forums that I should not let the the remaining lease term to fall too short. What is the reasoning?
Neston domestic long term leases are for a fixed term - often just under one hundred years when they are first granted. However many flats in Neston were constructed or converted in the 70’s80’s and so such leases now have under 80 years unexpired. This may seem like plenty of time but Banks, Building Societies and other mortgage lenders on the whole need leases to have a minimum of seventy five years left to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are approaching 75 years. To optimize the saleability of your property you should be considering whether to extend your lease long before you come to sell it. Furthermore strong financial reasons to taking action before the lease reaches even 80 years as when the lease is less than eighty years the amount you have to pay to extend starts to get a lot more expensive.