In what way does my ID and proof of funds have anything to do with my conveyancing in Thrapston? Why is this being asked of me?

Thrapston conveyancing solicitors and indeed property lawyers accross the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the identity of any client with a view to ensure that clients are who they say they are.

Conveyancing clients will need to disclose two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and evidence of address (typically a Bank Statement no more than three months).

Confirmation of source of monies is also required in compliance with the money laundering laws as lawyers are required to investigate that the funds you are utilising to purchase a property (be it the exchange deposit or the total purchase amount if you are buying mortgage free) has come from a reputable source (such as employment savings) and is not the proceeds of criminal behaviour.

We wanted to use a conveyancing solicitor in Thrapston for our house move. Our financial adviser has since notified us that our mortgage lenders The Royal Bank of Scotland won't deal with them. Surely this is unduly restrictive?

Banks normally restrict either the type or the amount of conveyancing firms on their member panel. Typical examples of such criteria being that a law practice must have two or more partners. In addition to restricting the profile of firm, a few banks have reduced the amount of solicitor practices they use to represent them. You should note that The Royal Bank of Scotland have no responsibility for the quality of advice provided by any member of The Royal Bank of Scotland Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of conveyancing panels since 2008 even though there are mixed views regarding the extent of solicitor involvement in some of that fraud. Data from the Land Registry reveal that hundreds of law firms, including some in or near Thrapston only execute one or two conveyances a year.

I'm buying a new build house in Thrapston benefiting from help to buy. The builders refused to move on the amount so I negotiated five thousand pounds worth of additionals instead. The property agent suggested that I not reveal to my lawyer about the deal as it could adversely affect my loan with the bank. Is this normal?.

All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a quick, no chain conveyancing. Thrapston is where the house is located. Can you shed any light on this issue?

Flying freeholds in Thrapston are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Thrapston you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Thrapston may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.

When it comes to leasehold conveyancing in Thrapston what are the most frequent lease defects?

There is nothing unique about leasehold conveyancing in Thrapston. Most leases are unique and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

A duty to insure the building Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Skipton Building Society, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.

Thrapston Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying

Please tell me if there are any major works in the planning that will add a premium to the service fees? Most Thrapston leasehold apartments will incur a service bill for maintenance of the building invoiced by the management company. Should you buy the flat you will have to pay this contribution, normally in instalments throughout the year. This could differ from two or three hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a ground rent for you to pay annual, this is usually not a significant amount, say approximately £50-£100 but you should to enquire as on occasion it could be surprisingly expensive. It is important to be aware whether redecorating or some other significant cost is coming up that will be shared between the leasehold owners and will materially increase the the service costs or result in a one off payment.