Can conveyancing in Sandbanks to be finalised inside a month?
In a situation where you are under time constraints for your conveyancing it is highly recommended that your solicitor is familiar with the location as they will make use of local connections and knowledge. It is possible that they may have transacted otherproperties in the same neighbourhood. Therefore consider using a Sandbanks conveyancing firm. In addition, make sure that the lawyer is on the member panel. It is believed that 18% of Sandbanks conveyancing deals are frustrated or jeopardised after discovering a buyer’s solicitor was not on their mortgage lender’s list of approved solicitors. In many cases this discovery resulted in the conveyancing being delayed by almost 21 days. It is understood that this issue impacts approximately 100,000 home moves every year. Most Sandbanks conveyancing practices can not represent certain lenders so do check at the outset.
What does my ID and proof of funds have anything to do with my conveyancing in Sandbanks? What am I being asked for?
To satisfy the Money Laundering Regulations any Sandbanks conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility bill showing where you live.
Under Money Laundering Regulations, property lawyers are obliged by law to ascertain not simply the identity of conveyancing clients but also the origin of monies that they receive in respect of any matter. An unwillingness to disclose this may result in your solicitor cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to notify the relevant authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.
I understand that there are debates on Chancel Insurance on online forums. Do I need chancel insurance when buying a residence in Sandbanks? or Apparently there is a law dating back centuries that could mean that house owners residing in a parish church boundary will be compelled to pay for maintenance towards the chancel in proximity to the church. Is this applicable for conveyancing in Sandbanks?
Unless a prior purchase of the house completed after 12 October 2013 you may assume that lawyers carrying out conveyancing in Sandbanks to remain encouraging a chancel search and or chancel repair liability policy.
I was recommended by a number of property agents in Sandbanks to choose a property lawyer using your seach tool. Is there a financial upside for Estate Agents to market your services over a competitor’s?
We refuse to make any referral fee for sending work our way. We thought it would be too underhand a fee as a client could think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
I work for a busy estate agent office in Sandbanks where we see a few flat sales derailed as a result of short leases. I have been given inconsistent advice from local Sandbanks conveyancing solicitors. Could you confirm whether the vendor of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I bought a 1 bedroom flat in Sandbanks, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Sandbanks with a long lease are worth £222,000. The ground rent is £50 yearly. The lease runs out on 21st October 2092
With just 70 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
Do I cancel my mortgage payments with Co-operative as soon as a completion date for my home sale in Sandbanks has been set?
No, you should continue paying any mortgage payments to Co-operative until the mortgage is redeemed from the proceeds of sale as part of your Sandbanks conveyancing.