In what way does my ID and proof of funds have anything to do with my conveyancing in Lavenham? What am I being asked for?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the ID of the potential client they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt reaffirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you refuse to supply ID verification documents, your solicitor will not be able to take you on as a client.
How does conveyancing in Lavenham differ for newly converted properties?
Most buyers of new build property in Lavenham come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because house builders in Lavenham tend to acquire the site, 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 conveyancers 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 Lavenham or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a quick, no chain conveyancing. Lavenham is the location of the property. Is there any guidance you can give?
Flying freeholds in Lavenham are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Lavenham you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lavenham 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 property.
I'm converting the mortgage on my existing home to a BTL mortgage with Chelsea Building Society and intend to use the remaining equity as a deposit on another property. The area we are interested in is Lavenham. Will your lawyers be able to act for both sets of lenders and tie in the two deals?
Make use of our comparison tool on this page to check that the conveyancers are on the appropriate lender panels. Assuming that they are your solicitor will be able to simultaneously deal with the two deals but you should talk with you lawyer and make apparent your expectations and needs.
My wife and I purchased a leasehold flat in Lavenham. Conveyancing and HSBC Bank mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Lavenham who acted for me is not around. Do I pay?
First make enquiries of the Land Registry to be sure that this person is indeed the new freeholder. There is no need to incur the fees of a Lavenham conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I purchased a studio flat in Lavenham, conveyancing formalities finalised 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Lavenham with over 90 years remaining are worth £197,000. The ground rent is £55 invoiced every year. The lease expires on 21st October 2076
You have 55 years unexpired we estimate the price of your lease extension to be between £31,400 and £36,200 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.