My family solicitor has given a fee estimate £1700 for no sale no fee conveyancing in Felpham. I am hoping to sell a Georgian detached home for £275,000. Is this expensive? Is it in excess of the average fee for conveyancing in Felpham?
The estimate does seem marginally overpriced. Where you are content to expend time scrutinising fee on a like for like basis you may be able to shave off some of the expense by as much as £100 plus VAT. On the other hand, you mightcome to rue choosing an a cheaper solicitor. Don't forget to check that the solicitor can also act for your mortgage company. You can utilise our search tool to choose a Felpham conveyancing practice on the banks approved list of lawyers which can often include conveyancing solicitors in Felpham.
What does my ID and proof of funds have anything to do with my conveyancing in Felpham? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Felpham conveyancing firm will require proof of identity in all conveyancing matters. This is normally dealt with 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 obliged by law to ascertain not just the identity of conveyancing clients but also the source of monies that they receive in respect of any matter. Refusal to disclose this will lead to your solicitor ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to inform the relevant authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
I have 7378 less than 75 years unexpired on my lease and need a lease extension for my apartment in Felpham. Conveyancing solicitors on the Bank of Ireland panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 6/12/2018 the requirements read as follows :
I am buying a new build house in Felpham with a loan from Barclays . The developers refused to move on the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not disclose to my lawyer about this extras as it may adversely affect my mortgage 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.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have since been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Felpham. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Felpham ?
The majority of houses in Felpham are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can assist with the conveyancing process. We note that you are purchasing in Felpham so you should seriously consider looking for a Felpham conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer should appraise you on the various issues.
Felpham Leasehold Conveyancing - Sample of Queries Prior to buying
It would be a good idea to discover if there are any onerous restrictions in the lease. By way of example it is reasonably common in Felpham leases that pets are not allowed in in a block in Felpham. If you love the apartmentin Felpham yet your dog can’t live with you then you have a very difficult decision. Who are the managing agents?