Our family solicitor has given a fee calculation of £1150 for leasehold conveyancing in Kingswinford. I am hoping to downsize from a newly refurbished detached home for £300,000. This sounds too much. Is it above what I should be paying for conveyancing in Kingswinford?
The estimate does seem marginally overpriced. If you are willing to spend time comparing charges you might get the conveyancing a bit cheaper by say £100 plus VAT. That being said, you couldlive to rue choosing an an unknown conveyancer. Don't forget to be sure the conveyancer can act for your mortgage company. Do use our comparison tool to locate a Kingswinford conveyancing practice on the lender’s member panel which can often include conveyancing solicitors in Kingswinford.
In what way does my ID and proof of funds have anything to do with my conveyancing in Kingswinford? Why is this being asked of me?
It is indeed that case that the requirement set out by your solicitor has nothing to do with conveyancing in Kingswinford. However these days you can not complete any conveyancing transaction in the absence supplying proof of your identity. Ordinarily this takes the form of a either your passport or driving licence and a bank statement. Please note that if you are supplying your driving licence as proof of ID it must be both the paper part as well as the photo card part, one is not acceptable without the other.
Evidence of the origin of money is mandated in accordance with the Money Laundering Regulations. Please do not be offended when you are asked to produce this as your lawyer must have this information on file. Your Kingswinford conveyancing lawyer will require evidence of proof of funds before they are able to accept any monies from you into their client account and they will also ask further questions regarding the origin of monies.
Me and my brother own a terraced Edwardian property in Kingswinford. Conveyancing solicitor acted for me and Godiva Mortgages Ltd. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, the second leasehold under the exact same address. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Kingswinford and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the position with your conveyancing solicitor who conducted the conveyancing.
I work for a busy estate agent office in Kingswinford where we see a few leasehold sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Kingswinford conveyancing solicitors. Could you confirm whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Kingswinford Conveyancing for Leasehold Flats - Examples of Queries before buying
How many years are left on the lease? How much is the yearly maintenance fee and ground rent? You will want to discover as much as you can concerning the managing agents as they can either make living at the property much simpler or a lot more difficult. As the owner of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to day to day issues such as the upkeep of the common parts. Enquire of other tenants what they think of them. On a final note, find out the dates that you are obliged pay the maintenance charge to the appropriate party and precisely how they are spending the funds.
I have been told by numerous family members to expect up to two months for Kingswinford conveyancing to complete.This was four weeks ago. The paperwork was only sent from the vendors property lawyer a few days ago so does the clock start running now?
Do not bank on moving on a set date until contracts are exchanged. Regardless of the assurances the people you are purchasing from or selling to make, or your lender gives don't count on them. More stress is caused to clients trying to move home by unfulfilled promises than anything else.