In what way does my ID and proof of funds have anything to do with my conveyancing in Stotfold? What am I being asked for?
Stotfold conveyancing solicitors and indeed property practitioners throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (typically a Utility Bill no more than three months).
Confirmation of the origin of funds is also required in accordance with the money laundering regulations as conveyancers have a duty to ensure that the monies you are using to buy a property (whether it be the deposit for exchange or the full purchase amount if you are a cash purchaser) has come from legitimate source (such as employment savings) and is not the product of illegitimate behaviour.
This question may be naive but I am wet behind the ears as FTB of a two bedroom flat in Stotfold. Do I pick up the keys to the property on the completion date from my lawyer? If this is the case, I will appoint a local conveyancing solicitor in Stotfold?
On the day of completion you will not be required to attend the conveyancers office in Stotfold. Your solicitors will arrange to send the purchase money to the owner’s conveyancers, and shortly after the monies have arrived, you will be called to receive the keys from the property Agents and start moving into the property. Usually this occurs between 1 and 3pm.
I currently have a mortgage with UBS for my property in Stotfold. Conveyancing was finalised a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform UBS?
You must advise UBS before letting out your property as this is likely to be a breach of UBS’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact UBS directly. It should not be necessary to do this via a UBS conveyancing panel lawyer.
I recently had an offer accepted on a house in Stotfold. My mortgage broker suggested a lawyer. I paid an advanced payment of £150. Shortly after, the conveyancer called me sheepishly admitting that they were not on the Leeds Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Leeds Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I'm buying my first flat in Stotfold with the aid of help to buy. The developers would not budge the price so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not inform my lawyer about this side-deal as it may jeopardize my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a quick, chain free conveyancing. Stotfold is the location of the property. Can you shed any light on this issue?
Flying freeholds in Stotfold are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Stotfold you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stotfold may ascertain 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.
My company is planning to lease a unit on the high street. Can you recommend conveyancers offering competitive charges for non-domestic conveyancing in Stotfold for under 1500k?
We are happy to recommend firms who have specialist knowledge of commercial conveyancing in Stotfold, including the disposal and acquisition of businesses as well as simply property. If you are hoping to purchase or sell a shop, pub, restaurant, office, retail premises or a whole business we will find you the right solicitor. As for the costs this will depend on the structure and heads of terms of the deal. Let us have your details or phone so as to enable us to supply you with a fixed commercial conveyancing quote.