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

Cambridgeshire conveyancing solicitors as well as nationwide property practitioners accross the UK have a duty under money laundering regulations to check the ID of any client in order to ensure that clients are who they say they are.

Conveyancing clients will need to disclose two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and proof of address (usually a Bank Statement no more than three months).

Confirmation of the origin of monies is also required in accordance with the money laundering regulations as solicitors have a duty to investigate that the monies you are using to purchase a property (be it the exchange deposit or the total purchase price if you are a cash purchaser) has originated from a reputable source (such as an inheritance) as opposed to the proceeds of criminal activity.

When it comes to lenders such as Virgin Money, do Cambridgeshire conveyancers have to pay an annual charge to be on the list of approved solicitors?

We are unaware of any mortgage company fees to register on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel application.

I had a mortgage agreed in principle with Santander. Cambridgeshire conveyancing practitioners were selected. What is the average time that one could expect to receive a mortgage offer from Santander?

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

I have a mortgage with HSBC for my property in Cambridgeshire. Conveyancing has been completed a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform HSBC?

You must advise HSBC in advance of renting your property as this is likely to be a breach of HSBC’s mortgage conditions. It may be that HSBC 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 HSBC directly. It should not be necessary to do this via a HSBC conveyancing panel firm.

I have todaybecome aware that Stirling Law have closed. They conducted my conveyancing in Cambridgeshire for a purchase of a freehold house 12 months ago. How can I check that the property is in my name in the name of the former proprietor?

The easiest method to check if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Cambridgeshire conveyancing specialists.

I am purchasing my first flat in Cambridgeshire with a mortgage from Accord Mortgages Ltd. The developers refused to move on the price so I negotiated £7000 of additionals instead. The property agent suggested that I not inform my solicitor about this side-deal as it may impact my mortgage with the bank. Do I keep my lawyer in the dark?.

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.

We own a leasehold flat in Cambridgeshire. Conveyancing was finalised in 2011. I have read on a number of consumer forums that I mustn’t allow the lease length fall too low. What is the reasoning?

Cambridgeshire leasehold properties are for a fixed period - often ninety nine years when they are first granted. However a significant flats in Cambridgeshire were constructed or converted 25 or more years ago and so such leases now have fewer than eighty years unexpired. This may sound like plenty of time but Banks, Building Societies and other mortgage institutions tend to require leases to have at least 75 years remaining to be mortgageable. Accordingly when you come to sell the property you will need to extend the term of your lease if you are getting close to eighty years. To enhance the saleability of your property you should be considering whether to extend your lease long before you come to sell it. There are also significant benefits to doing so before the lease hits 80 years as when the lease is less than 80 years the premium you have to pay to extend starts to get a lot more expensive.