My husband and I are getting closer to an exchange on a house in Shoeburyness and my mum and dad have transferred the 10% deposit to my solicitor. I am now told that as the deposit has not come from me my lawyer needs to make a notification to my lender. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I disclosed to the bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The property lawyer is obliged to clarify with lender to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Shoeburyness? What am I being asked for?
Shoeburyness conveyancing solicitors and indeed property lawyers throughout the UK have an obligation under money laundering regulations to check the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and proof of address (usually a Utility Bill no older than three months).
Evidence of the origin of monies is also necessary in accordance with the money laundering laws as lawyers are mandated to ensure that the funds you are using to purchase a property (be it the exchange deposit or the full purchase price where you are buying without a mortgage) has come from an acceptable source (such as employment savings) rather than the product of illegitimate activity.
My grandfather passed away last year and as sole heir and executor I was left the property in Shoeburyness. The house had a small mortgage remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to RBS, pay off the mortgage. Is this allowed?
Where you plan to re-mortgage then RBS will require that you use a conveyancer on the RBS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your RBS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the RBS mortgage is registered as a charge at the Land Registry.
Do I need to take out insurance to address the risk of chancel repairs when acquiring a house in Shoeburyness?
Unless a prior acquisition of the property completed post 12 October 2013 you may assume that solicitors carrying out conveyancing in Shoeburyness to remain recommending a chancel search and or insurance against a claim.
Over the last few months I have been searching for a ground for flat up to £305k and identified one round the corner in Shoeburyness I like with amenity areas and station nearby, however it's only got 61 remaining years left on the lease. I can't really find anything else in Shoeburyness suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
What does commercial conveyancing in Shoeburyness cover?
Non domestic conveyancing in Shoeburyness incorporates a wide range of guidance, supplied by regulated solicitors, relating to business property. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.