We are due to complete on the purchase of a house in Torquay but as a result of wreckage from some water damage at the property I have was able negotiate compensation from the vendor of six thousand pounds in the form of a deduction in the price. I had intended this to be addressed as part of the conveyancing process yet Leeds Building Society are not allowing this. Why were they notified?
Any lawyer that is on a Leeds Building Society approved list is required to advise Leeds Building Society of any variations to the sale price. If you were to refuse your lawyer to notify the price change to Leeds Building Society then they would have to discontinue acting for you. In addition, Leeds Building Society and you would have to appoint a new conveyancing practitioner for your conveyancing in Torquay.
What does my ID and proof of funds have anything to do with my conveyancing in Torquay? Why is this being asked of me?
Torquay conveyancing solicitors as well as nationwide property lawyers throughout the UK have a duty under money laundering regulations to verify the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and evidence of address (typically a Utility Bill less than 3 months old).
Confirmation of source of monies is also required under the money laundering laws as solicitors have a duty to investigate that the monies you are utilising to buy a property (whether it be the deposit for exchange or the total purchase monies if you are buying without a mortgage) has come from legitimate source (such as employment savings) as opposed to the product of criminal behaviour.
How does conveyancing in Torquay differ for new build properties?
Most buyers of new build premises in Torquay come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is finished. This is because house builders in Torquay typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Torquay or who has acted in the same development.
How do I locate a Torquay solicitor on the Skipton Building Society conveyancing panel? I am a keen cyclist and am happy to travel upto 25miles to meet the lawyer.
Feel free to make use of the facility on this page. Please pick a bank and your location and you will see a number of Torquay conveyancing lawyers based on proximity. We have listed some Torquay conveyancing firms towards the end of this page and you can call them to verify if they are on the Skipton Building Society approved list
What advice can you give us when it comes to appointing a Torquay conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Torquay conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you make enquires with two or three firms including non Torquay conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be of use:
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What are the charges for lease extension work? If the firm is not ALEP accredited then why not?
Torquay Leasehold Conveyancing - A selection of Queries before buying
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Best to be warned if window replacement or some other significant cost is due in the near future that will be shared amongst the tenants and could well dramatically increase the the service costs or necessitate a one time invoice. This information is helpful as a) areas could cause problems for the building as the common areas may start to deteriorate if repairs are not paid for b) if the leaseholders have an issue with the managing agents you will need to have all the details Generally speaking the outlay for major works are not built into the maintenance charges, although a few managing agents in Torquay obliged leasehold owners to contribute towards a sinking fund and this is used to offset against major repairs or maintenance.
We have recently had an offer accepted on our 1st home in Torquay, and are now looking to get solicitors appointed. I have made use of the various rating based websites and the fee estimates are from all across the England and Wales. Is it essential to have a Torquay lawyer local to our prospective house? We are fine to do all the communicating over the web, but I assume at some stage we will need to physically go into the lawyer's office to sign contracts?
There is no requirement to attend the office of your property lawyer, they can post any relevant documents to you, which you can sign and send back. Many buyers and sellers choose to instruct a locally based solicitor, but it's by no means essential for conveyancing in Torquay.