I am buying a new build apartment in Wargrave and my conveyancer is telling me that she has to the bank to disclose incentives from the developer. I am under pressure to sign contracts and I don't want to delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What does my ID and proof of funds have anything to do with my conveyancing in Wargrave? What am I being asked for?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in Wargrave. Nowadays you will not be able to complete any conveyancing transaction in the absence providing evidence of your identity. This usually takes the form of a either your passport or driving licence and a council tax bill. Please note that if you are providing your driving licence as evidence of identification it must be both the paper element and photo card part, one is not sufficient without the other.
Proof of the origin of funds is mandated under Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancing solicitor must have this information on file. Your Wargrave conveyancing solicitor will need to see evidence of proof of funds before they are able to accept any funds from you into their client account and they will also ask further questions concerning the origin of funds.
I am about to put a bid on a leasehold flat in Wargrave. The selling agents advise that it is usual for flats in Wargrave to have less than 75 years unexpired on the lease. I am taking out a mortgage with Tesco Bank. Will the property be mortgageable given that the lease has Seventy One years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 2/10/2021 the requirements read as follows :
Will our solicitor be asking questions about flooding during the conveyancing in Wargrave.
Flooding is a growing risk for solicitors conducting conveyancing in Wargrave. Plenty of people will buy a house in Wargrave, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Conveyancers are not best placed to impart advice on flood risk, but there are a various checks that may be undertaken by the buyer or on a buyer’s behalf which should give them a better understanding of the risks in Wargrave. The conventional set of information supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the owner to determine if the premises has suffered from flooding. If flooding has previously occurred which is not disclosed by the owner, then a purchaser could issue a compensation claim resulting from an incorrect answer. The purchaser’s conveyancers should also conduct an enviro report. This should reveal whether there is any known flood risk. If so, additional investigations will need to be conducted.
Over the last few months I have been searching for a flat up to £235,500 and identified one near me in Wargrave I like with open areas and transport links nearby, the downside is that it only has 51 years on the lease. There is not much else in Wargrave in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage the shortness of the lease will be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
Is it possible to transfer to a new firm as I need to retain one who is on the The Mortgage Works conveyancing list. I had appointed a high street conveyancing solicitor in Wargrave five minutes from me but he is not approved by The Mortgage Works
We will our best to assist in finding you a conveyancing solicitor in Wargrave on the The Mortgage Works panel. Please note that the law firms that we list do not pay us commission if you instruct them and are fully regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Wargrave. Using search facility on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Wargrave.