I was recommended to a conveyancer who has sent a quote for £1200 for leasehold conveyancing in Felixstowe. I am selling a modern property for £250,000. Is this overpriced? Is it above what I should be paying for conveyancing in Felixstowe?
The quote is fractionally on the high side. If you shop around you may be able to shave off some of the cost by perhaps a hundred pounds. On the other hand, you mightlive to regret opting for an a cheaper solicitor. If is important to ensure the solicitor can also act for your lender. Do employ our search tool to find a Felixstowe conveyancing practice on the banks approved list of lawyers which can often include conveyancing solicitors in Felixstowe.
In what way does my ID and proof of funds have anything to do with my conveyancing in Felixstowe? Why is this being asked of me?
Felixstowe conveyancing solicitors and indeed property lawyers throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and proof of address (typically a Utility Bill no older than three months).
Proof of the origin of monies is also necessary in compliance with the money laundering regulations as solicitors are obliged to ensure that the money you are utilising to buy a property (be it the exchange deposit or the full purchase monies if you are buying mortgage free) has originated from legitimate source (such as an inheritance) as opposed to the proceeds of illegitimate activity.
We wanted to use a property lawyer in Felixstowe for our home move. Our broker informed us that our mortgage company The Mortgage Works won't deal with them. Why is this not regarded as unduly restrictive?
A decade ago most lenders had an appetite for risk which was higher than today. Almost all Felixstowe conveyancing firms would have been on many mortgage company panels. The Financial Services Authority in 2010 completed a thematic investigation into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms relating to their operations and their employees and establishing certain criteria such a completing on a minimum amount of conveyancing. Many Felixstowe conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Felixstowe is one of the numerous locations where the solicitors we recommend are on the panel for The Mortgage Works.
We had instructed conveyancers locally in Felixstowe on the Skipton solicitor panel. They are now charging me a further charge for dealing with the Skipton mortgage. Is this a supplemental conveyancing fee set by Skipton?
Provided it is contained in their Terms of Engagement or estimate then yes your conveyancer may charge a fee for this. The fee is not dictated by Skipton but by your Felixstowe conveyancer. Plenty of firms on the Skipton panel will charge ’dealing with mortgage’ fee and others do not.
My wife and I have organised a further advance on our home loan from UBS as we wish to carry out a loft conversion to our house in Felixstowe. Are we obliged to choose a bricks and mortar Felixstowe solicitor on the UBS conveyancing panel to deal with the paperwork?
UBS don't usually appoint firms on their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the UBS list.
I currently have a mortgage with Skipton for my property in Felixstowe. Conveyancing has been completed some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Skipton?
Your original mortgage agreement with Skipton will provide that you need their approval before renting your property as this is likely to be a breach of Skipton’s mortgage conditions. It may be that Skipton will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Skipton directly. It should not be necessary to do this via a Skipton conveyancing panel lawyer.
How does conveyancing in Felixstowe differ for new build properties?
Most buyers of new build property in Felixstowe contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is built. This is because house builders in Felixstowe typically 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 property lawyers 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 Felixstowe or who has acted in the same development.