We were about to instruct a conveyancing solicitor in Bursledon listed on your site but stumbled across some other quotes on the internet look less expensive – why is this?
There are lots of conveyancing outfits advertising at first sight what seems to be extremely cheap conveyancing in Bursledon. We suggest that you give due consideration about how important this transaction is to you that want to take 'cheap' risks concerning the standard of the conveyancing. Some hide extras well inside the terms and conditions. The conveyancers that we list for conveyancing in Bursledon will notdo this.
My partner and I are refinancing our maisonette in Bursledon with Leeds Building Society. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is repossessed. I have two concerns (1) Is this form unique to the Leeds Building Society conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Leeds Building Society conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Leeds Building Society. This is solely used to protect Leeds Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Leeds Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
What does my ID and proof of funds have anything to do with my conveyancing in Bursledon? What am I being asked for?
To satisfy the Money Laundering Regulations any Bursledon conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing your correct address.
Under Money Laundering Regulations, conveyancers are required to ascertain not just the identity of conveyancing clients but also the origin of fund that they receive in respect of any matter. Refusal to disclose this will lead to your lawyer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to inform the appropriate authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
How does conveyancing in Bursledon differ for newly converted properties?
Most buyers of new build or newly converted property in Bursledon come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because builders in Bursledon tend to purchase the real estate, 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 used to new build conveyancing in Bursledon or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one near me in Bursledon I like with a park and station nearby, however it only has 52 years on the lease. There is not much else in Bursledon suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan the shortness of the lease will be an issue. Reduce the price by the expected 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 start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.