We are buying a new build duplex in Yaxley and my conveyancer is informing me that she has to the lender to disclose incentives from the developer. I am nearing the developer’s deadline to sign contracts and my preference is not to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company 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 Yaxley? What am I being asked for?
Yaxley conveyancing solicitors and indeed property lawyers throughout the UK have a duty under money laundering regulations to check the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and proof of address (typically a Utility Bill less than 3 months old).
Evidence of the origin of funds is also required in accordance with the money laundering laws as solicitors are obliged to check that the money you are utilising to buy a property (whether it be the deposit for exchange or the total purchase amount where you are buying mortgage free) has come from an acceptable source (such as an inheritance) and is not the product of criminal activity.
This question may be naive but I am unexperienced as a 1st time purchaser of a ground floor flat in Yaxley. Do I receive the keys to the house on the completion date from my solicitor? If this is the case, I will use a local conveyancing solicitor in Yaxley?
On the day of completion you will not be required to attend the conveyancers office in Yaxley. Conveyancing lawyers for you will electronically transfer the purchase money to the vendor’s conveyancers, and shortly after the monies have arrived, you should be called to collect the keys from the selling Agents and move into your new home. This tends to happen between 1 and 3pm.
About to purchase apartment in Yaxley. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Clydesdale conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Yaxley conveyancing practitioner is on the Clydesdale conveyancing panel.
After shopping around on the internet I have found a Yaxley property lawyer having checked that they are on the Aldermore conveyancing panel. Does my lawyer arrange the survey of the property?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Yaxley surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I decided to have a survey carried out on a property in Yaxley before appointing lawyers. I have been advised that there is a flying freehold element to the property. Our surveyor has said that some banks tend refuse to give a loan on such a home.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Yaxley. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Yaxley to see if the conveyancing costs will increase in light of this.
Am I best advised to use a Yaxley conveyancing practitioner who is local to the property I am purchasing? I have an old university friend who can perform the legal formalities however they are based a couple of hundredmiles drive away.
The primary upside of using a high street Yaxley conveyancing firm is that you can drop in to sign paperwork, hand in your identification documents and pester them if necessary. Having local Yaxley know how is a benefit. However it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and they were impressed that should surpass using an unfamiliar Yaxley conveyancing solicitor just because they are local.
Can you offer any advice when it comes to choosing a Yaxley conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Yaxley conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you speak with several firms including non Yaxley conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
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If the firm is not ALEP accredited then what is the reason? Can they put you in touch with clients in Yaxley who can give a testimonial?
I inherited a 2 bed flat in Yaxley, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Yaxley with a long lease are worth £186,000. The ground rent is £55 yearly. The lease expires on 21st October 2074
With 52 years left to run the likely cost is going to be between £29,500 and £34,000 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.