In the event thatI were to buy a simple residential housein Hathern mortgage fee and dispense with a survey and no conveyancing searches how much should I expect to to save on my conveyancing in Hathern?

Any savings you would make will be limited to the Hathern conveyancing searches. A conveyancer is obliged to do the vast majority of work - money laundering, communicating with your vendors conveyancing practitioner, SDLT submission, register the property etc. You might save a bit for them not needing to register a mortgage but it won't be significant.

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

In order to comply with Money Laundering Regulations any Hathern conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility account evidencing your correct address.

In accordance with Money Laundering Regulations, property lawyers are obliged by law to check not just the identity of conveyancing clients but also the origin of fund that they receive in respect of any matter. Refusal to disclose this will result in your lawyer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.

Your property lawyers are duty bound to make a disclosure to the appropriate authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.

I decided to have a survey carried out on a property in Hathern before instructing conveyancers. I have been informed that there is a flying freehold overhang to the house. The surveyor has said that some banks may refuse to issue a mortgage on this type of house.

It varies from the lender to lender. HSBC has different instructions for example to Halifax. Should you wish to telephone us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Hathern. Conveyancing may be slightly more expensive based on your lender's requirements.

I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Hathern. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Hathern ?

The majority of houses in Hathern are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Hathern so you should seriously consider looking for a Hathern conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer should advise you fully on all the issues.

Hathern Leasehold Conveyancing - A selection of Queries before buying

The prefered form of lease arrangement is where the freehold reversion is owned by the leaseholders. In this arrangement the leaseholders benefit from control and although a managing agent is often employed if it is bigger than a house conversion, the managing agent retained by the leaseholders. Best to be warned if a new roof is being installed or some other significant cost is due shortly that will be shared by the tenants and will materially impact the level of the maintenance charges or require a one time payment. Most Hathern leasehold flats will have a service charge for the upkeep of the block invoiced on behalf of the management company. Should you acquire the apartment you will have to meet this amount, usually periodically during the year. This can be anything from a couple of hundred pounds to thousands of pounds for buildings with lifts and large communal areas. In all likelihood there will be a rentcharge to be met yearly, this is usually not a large amount, say around £50-£100 but you should to check as sometimes it can be surprisingly expensive.

I am just shy of a 10% deposit on my apartment purchase in Hathern , but I am anxious proceed. Do I have options?

You can agree a lower deposit. Most property owners will agree to a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.

You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute