I am about to complete buying a property in Ranmoor but as a result of wreckage from the recent storms I have was able negotiate recompense from the vendor of £3k by way of a reduction in the price. I had intended this to be addressed as part of the conveyancing process however will not permit this. Why were they approached?

Your being on a conveyancing panel is obliged to inform of any variations to the purchase price. If you prohibit your to disclose the reduction to then they would have to discontinue acting for you. In addition, and you would have to appoint a new for your conveyancing in Ranmoor.

What does my ID and proof of funds have anything to do with my conveyancing in Ranmoor? Why is this being asked of me?

Ranmoor conveyancing solicitors and indeed property practitioners throughout the UK have a duty under money laundering regulations to check the ID of any client with a view to ensure that clients are who they say they are.

Conveyancing clients will need to provide two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and evidence of address (usually a Utility Bill no older than three months).

Evidence of the origin of monies is also required in compliance with the money laundering laws as solicitors are duty bound to ensure that the money you are utilising to buy a property (whether it be the deposit for exchange or the full purchase monies where you are a cash purchaser) has come from legitimate source (such as employment savings) and is not the fruits of criminal behaviour.

What is the difference between a licensed conveyancer and conveyancing solicitor in Ranmoor

Two types of professional can do conveyancing in Ranmoor namely CLC regulated conveyancers or solicitors. Both professionals handle conveyancing services that required to complete the disposal or acquisition of property. Both are obliged to execute Ranmoor conveyancing on similar standards and guidelines so you may be safe in the knowledge that your conveyancing will be properly conducted and that the requirements and procedures will be appropriately followed.

My husband and I have arranged the release of further monies on our mortgage from as we intend to carry out improvements to our property in Ranmoor. Do we need to appoint a nearby Ranmoor solicitor on the conveyancing panel to handle the legals?

would not normally appoint firms on their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the panel.

Two weeks ago we had a mortgage agreed in principle with . Ranmoor conveyancing solicitors have been chosen. How long does it take for to send the offer to the ?

Some lenders take longer than others. Have done the survey? Have you informed as to your lawyers' details and checked that your lawyers are on the conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.

I'm purchasing a new build house in Ranmoor with a mortgage from . The developers would not reduce the price so I negotiated £7000 of extras instead. The estate agent told me not inform my conveyancer about the side-deal as it may jeopardize my loan with the lender. Is this normal?.

All lenders require a Disclosure of Incentives Form from the builder 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 am looking at a two flats in Ranmoor both have approximately forty five years left on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Ranmoor is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of purchasers and mortgage companies, leases with less than 75 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 premises 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 premises 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 Ranmoor conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

I inherited a 2 bed flat in Ranmoor, 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 Ranmoor with a long lease are worth £165,000. The average or mid-range amount of ground rent is £45 per annum. The lease expires on 21st October 50

With just 50 years left to run we estimate the premium for your lease extension to span between £36,100 and £41,800 as well as costs.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.