In the event thatI was to buy a simple residential propertyin Kenilworth mortgage fee and dispense with a survey and no local authority searches how much could I expect to have to pay for conveyancing in Kenilworth?
The sole saving you would achieve is the costs for searches. The property lawyer still be obliged to do everything else - money laundering, correspond with your vendors lawyer, stamp duty return, register the property etc. You might save a bit for them not having to register a charge but it won't be a lot.
What does my ID and proof of funds have anything to do with my conveyancing in Kenilworth? What am I being asked for?
In order to comply with Money Laundering Regulations any Kenilworth 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 account evidencing your correct address.
Under Money Laundering Regulations, conveyancing solicitors are duty bound to ascertain not just the ID of conveyancing clients but also the source of the money that they receive in respect of any matter. Refusal to disclose this will lead to your solicitor terminating 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 make a disclosure to the appropriate authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
About to place a bid on a leasehold apartment in Kenilworth. The selling agents advise that it is normal for flats in Kenilworth to have less than 75 years left on the lease. I am getting a mortgage with Accord Mortgages. Is this going to be acceptable if the lease has Seventy One years remaining.
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. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 20/4/2024 the requirements read as follows :
I'm purchasing a new build house in Kenilworth with a loan from HSBC Bank. The builders refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep advised me not disclose to my conveyancer about this extras as it could jeopardize my mortgage with HSBC Bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Due to the advice of my in-laws I had a survey completed on a house in Kenilworth prior to appointing conveyancers. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some banks tend refuse to issue a mortgage on such a house.
It varies from the lender to lender. HSBC has different instructions for example to Halifax. Should you wish to call us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Kenilworth. Conveyancing will be smoother if you use a solicitor in Kenilworth especially if they regularly deal with such properties in Kenilworth.