We are nearing an exchange on a property in Much Hadham and my mum and dad have sent the exchange deposit to my property lawyer. I am now told that as the deposit has been sent from someone other than me my lawyer needs to disclose this to my bank. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the lender regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to hold matters up?
The lawyer is legally required to check with mortgage company to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Much Hadham? Is this really necessary?
In order to comply with Money Laundering Regulations any Much Hadham conveyancing firm will require proof of identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility account evidencing your correct address.
Under Money Laundering Regulations, conveyancing solicitors are obliged by law to validate not simply the identity of conveyancing clients but also the origin of monies that they receive in respect of any matter. An unwillingness to disclose this will lead to your conveyancer terminating their retainer 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 notify the relevant authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
Please help - my lawyer says that absentee landlord insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Much Hadham?
The appropriate level of absentee landlord indemnity insurance depends on who your lender is. It would differ for example between Birmingham Midshires and The Royal Bank of Scotland. Conveyancing practitioners as opposed to members of the public take out such insurances.
I have decided to exercise my right to buy my property in Much Hadham off the council. I have a mortgage agreed with Clydesdale. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Clydesdale, you will need to appoint a solicitor on the Clydesdale conveyancing panel.
Clydesdale have agreed my mortgage in principle, my offer on a flat in Much Hadham has been agreed to, what happens next?
Your property agent will wish to be advised as to your conveyancer's details (make sure the solicitors are on the lender’s panel). Contact Clydesdale or your broker and complete any relevant paperwork. Clydesdale will sellect a valuer who will get in contact with the selling agent or vendor to schedule a time for the valuation to take place. Once carried out (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Clydesdale will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Much Hadham.
How does conveyancing in Much Hadham differ for new build properties?
Most buyers of new build property in Much Hadham come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is completed. This is because new home sellers in Much Hadham 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 conveyancing solicitors 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 accustomed to new build conveyancing in Much Hadham or who has acted in the same development.
I have been on the look out for a flat up to £235,500 and found one close by in Much Hadham I like with open areas and railway links in the vicinity, the downside is that it's only got 52 years on the lease. There is not much else in Much Hadham suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage the shortness of the lease may be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.