I'm in the process of porting my current homeowner home loan to a BTL Leeds Building Society mortgage. I was told by my financial advisor that I require a solicitor as part of the process. I had a chat my past Widdrington conveyancing firm who acted on my behalf when I previously acquired the house. The quote sent of just over five hundred pounds is surprising as I am not require purchase conveyancing - it’s just a straightforward remortgage.

The charges seem a little high. If you are willing to expend time comparing costs you might reduce the fees marginally by as much as £100 plus VAT. That being said, providing that you were happy with the conveyancing the firm gave you maycome to rue opting for an a cheaper conveyancer. Remember to ensure that the solicitor can represent Leeds Building Society. You can use our search tool to choose a Widdrington conveyancing firm on the Leeds Building Society approved list of lawyers, which can often include conveyancing solicitors in Widdrington.

In what way does my ID and proof of funds have anything to do with my conveyancing in Widdrington? What am I being asked for?

Widdrington conveyancing solicitors and indeed property lawyers accross the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the identity of any client with a view to ensure that clients are who they say they are.

Conveyancing clients are required to produce two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and evidence of address (usually a Utility Bill less than 3 months old).

Proof of the origin of funds is also necessary under the money laundering laws as conveyancers are obliged to ensure that the money you are utilising to acquire a property (be it the exchange deposit or the full purchase amount where you are buying mortgage free) has originated from an acceptable source (such as employment savings) as opposed to the proceeds of illegitimate activity.

Should I be suspicious about estate agents that I am dealing with are encouraging me to use an online conveyancing firm rather than a local Widdrington conveyancing company?

As is the case with many service providers, often recommendations from family and friends can be extremely useful or valuable. Yet there are numerous players in a conveyancing transaction; estate agents, financial adviser and mortgage companies may put forward lawyers to choose. Sometimes these solicitors might be known to one of the organisations as experts in their field, but sometimes there exists a commercial relationship behind the recommendation. You are free to select your preferred lawyer. However, bear in mind that many lenders specify a panel list of law firms you must use for the mortgage related work in your house move.

Should I use a Widdrington conveyancing solicitor in close proximity to the house I am purchasing? I have an old university friend who can deal with the conveyancing however his firm is located over three hundred miles away.

The primary upside of using a high street Widdrington conveyancing practice is that you can pop in to execute paperwork, deliver your identification documents and pester them if necessary. They will also have local knowledge which is a benefit. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and on the whole were content that must outweigh using an unknown Widdrington conveyancing lawyer solely due to them being Widdrington based.

I am attracted to a couple of apartments in Widdrington which have approximately 50 years unexpired on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Widdrington is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Widdrington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Widdrington Leasehold Conveyancing - Sample of Questions you should ask Prior to buying

Are there any major works in the near future that will likely increase the service costs? It would be wise to find out as much as you can regarding the managing agents as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to daily issues such as the upkeep of the common parts. Enquire of other people if they are happy with them. Finally, be sure you understand the dates that you are obliged pay the service charge to the managing agents and precisely what it includes.