In what way does my ID and proof of funds have anything to do with my conveyancing in Petworth? What am I being asked for?
In order to comply with Money Laundering Regulations any Petworth conveyancing firm will require evidence of your identity in all conveyancing matters. This is usually dealt with by provision of a passport and an original bank statement or utility bill showing where you live.
In accordance with Money Laundering Regulations, conveyancers are obliged by law to investigate not just the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. An unwillingness to disclose this will result in your conveyancer cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to notify the relevant authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
Have just purchased a repossessed house at auction in Petworth. Conveyancing is necessary. What happens now?
Given that you are now exchanged you must instruct a conveyancing practitioner quickly as you are faced with a pending a fixed date to complete the transaction. Every auction property will have a bespoke auction pack. This will likely include evidence of title and search results. If you have purchased leasehold premises the conveyancing pack may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to a leasehold property. You should give this to the solicitor instructed by you ASAP. Do make sure that your finances are in place to complete on the date specified in the contract.
This question may be naive but I am wet behind the ears as a 1st time purchaser of a two bedroom flat in Petworth. Do I receive the keys to the house on the completion date from my solicitor? If this is the case, I will use a High Street conveyancing solicitor in Petworth?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the completion advance to the vendor’s lawyers, and once they have received this, you will be called to receive the keys from the Estate Agents and start moving into the property. This tends to happen between 1 and 3pm.
Is there a list of UBS panel solicitors in Petworth on the Building Society Association’s Website?
No. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. Very few banks make their panel listings available over the internet. If you are looking for a Petworth conveyancer on the UBS please make the most of our tool.
My friend suggested that if I am purchasing in Petworth I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Petworth conveyancing searches. It is a large report of about 40 pages, listing and detailing significant information about Petworth around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Petworth Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Petworth Education with plans and statistics, Local Amenities and other useful information about Petworth.
Are there restrictive covenants that are commonly identified during conveyancing in Petworth?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Petworth. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying a new build house in Petworth benefiting from help to buy. The developers refused to reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative advised me not to tell my conveyancer about the deal as it could affect my loan with The Mortgage Works. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Helen (my wife) and I may need to sub-let our Petworth garden flat temporarily due to a career opportunity. We used a Petworth conveyancing firm in 2001 but they have closed and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?
Notwithstanding that your last Petworth conveyancing solicitor is not around you can check your lease to check if you are permitted to let out the apartment. The accepted inference is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you are obliged to seek permission via your landlord or other appropriate person before subletting. This means that you cannot sublet without first obtaining permission. The consent is not allowed to be unreasonably withheld. If the lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.
I am the registered owner of a 1st floor flat in Petworth, conveyancing was carried out 6 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Petworth with a long lease are worth £171,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease expires on 21st October 2103
With 79 years left to run we estimate the premium for your lease extension to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.