What does my ID and proof of funds have anything to do with my conveyancing in Pagham? What am I being asked for?
You are right in these requests have nothing to do with conveyancing in Pagham. Nowadays you will not be able to complete any conveyancing deal without first submitting proof of your identity. This usually takes the form of a either your passport or driving licence plus a bank statement. Please note that if you are supplying your driving licence as evidence of identification it needs to be both the paper section and photo card part, one is not sufficient in the absence of the other.
Verification of the origin of monies is necessary in accordance with the Money Laundering Regulations. Please do not be offended when when this is requested of you as your conveyancing solicitor will need to have this information on record. Your Pagham conveyancing practitioner will require evidence of proof of funds prior to accepting any money from you into their client account and they should also ask further queries concerning the source of monies.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Pagham. My lender is Accord Mortgages
Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 12/7/2019, the requirements read as follows :
How does conveyancing in Pagham differ for newly converted properties?
Most buyers of new build premises in Pagham come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is built. This is because builders in Pagham usually buy the land, 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 used to new build conveyancing in Pagham or who has acted in the same development.
My cousin has suggested that I instruct his conveyancers in Pagham. Should I choose my own solicitor?
No doubt the best way to find a conveyancing practitioner is to get recommendations from friends or relatives who have used the conveyancer you're considering.
I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Pagham. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
Most houses in Pagham are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. It is clear that you are purchasing in Pagham so you should seriously consider shopping around for a Pagham conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your solicitor will appraise you on the various issues.
I bought a split level flat in Pagham, conveyancing having been completed December 2010. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Pagham with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2074
With only 55 years left to run we estimate the premium for your lease extension to range between £31,400 and £36,200 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.