Just contacted my conveyancing lawyer in Fairwater who conducted the legals two years ago requesting a conveyancing quote based on the same type of home move (a leasehold property and a freehold property) of almost identical values with a home loan from Santander. I am now being charged double. Should I look for a cheaper internet firm of conveyancing solicitor?
The estimate does seem a little on the high side. If you shop around you might reduce the fees marginally by say £125. That being said, if you were pleased with the conveyancing the firm offered you couldlive to rue opting for an an unknown solicitor. Don't forget to be sure the solicitor can also act for Santander. Do utilise our search tool to select a Fairwater conveyancing firm on the Santander conveyancing panel, which can often include conveyancing solicitors in Fairwater.
What does my ID and proof of funds have anything to do with my conveyancing in Fairwater? What am I being asked for?
In order to comply with Money Laundering Regulations any Fairwater conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility bill evidencing your correct address.
In accordance with Money Laundering Regulations, property lawyers are duty bound to investigate not simply the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. An unwillingness to disclose this will result in your lawyer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to notify the appropriate authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the RBS Conveyancing panel ahead of completing my conveyancing in Fairwater?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what should have been a straight forward, chain free conveyancing. Fairwater is where the house is located. Is there any guidance you can give?
Flying freeholds in Fairwater are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Fairwater you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Fairwater may determine 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 premises.
I am on look out for some leasehold conveyancing in Fairwater. Before diving in I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and most are in Fairwater - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I bought a garden flat in Fairwater, conveyancing formalities finalised 5 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Fairwater with over 90 years remaining are worth £176,000. The ground rent is £50 invoiced every year. The lease ends on 21st October 2068
You have 50 years left to run we estimate the premium for your lease extension to range between £31,400 and £36,200 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.