What does my ID and proof of funds have anything to do with my conveyancing in Witham? Why is this being asked of me?
Witham conveyancing solicitors as well as nationwide property practitioners accross the UK have a duty under money laundering regulations to verify the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and proof of address (typically a Utility Bill no more than three months).
Evidence of the origin of monies is also necessary in compliance with the money laundering laws as solicitors have a duty to investigate that the monies you are using to acquire a property (whether it be the deposit for exchange or the full purchase monies if you are buying mortgage free) has come from a reputable source (such as employment savings) rather than the fruits of illegitimate activity.
I am purchasing a terraced house in Witham. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Witham you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Witham.
How does conveyancing in Witham differ for new build properties?
Most buyers of new build property in Witham come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is built. This is because house builders in Witham usually purchase the real estate, 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 property lawyers 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 Witham or who has acted in the same development.
I decided to have a survey completed on a house in Witham prior to retaining solicitors. I have been advised that there is a flying freehold aspect to the property. My surveyor advised that some banks tend not issue a loan on a flying freehold premises.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. If you contact us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Witham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Witham to see if the conveyancing costs will increase in light of this.
We expect to complete our sale of a £275,000 maisonette in Witham on Tuesday in a week. The freeholder has quoted £408 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Witham?
Witham conveyancing on leasehold maisonettes normally requires the purchaser’s solicitor submitting questions for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries most will be willing to assist. They are at liberty to charge a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some transactions it is above £800. The management information fee invoiced by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, without which the invoice is not strictly payable. Reality however dictates that one has no option but to pay whatever is requested of you should you wish to sell the property.
I am the registered owner of a studio flat in Witham, conveyancing having been completed 3 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Witham with an extended lease are worth £191,000. The ground rent is £55 yearly. The lease ceases on 21st October 2073
With just 54 years left to run we estimate the price of your lease extension to be between £31,400 and £36,200 plus 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 without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional 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 placing reliance on this information before seeking the advice of a professional.