In what way does my ID and proof of funds have anything to do with my conveyancing in Basingstoke? Why is this being asked of me?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in Basingstoke. However these days you can not proceed with any conveyancing process in the absence handing over evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a council tax bill. Remember if you are supplying your driving licence as evidence of ID it needs to be both the paper element and photo card part, one is not sufficient without the other.
Proof of the source of money is necessary under Money Laundering Regulations. Don’t be offended when you are asked to produce this as your lawyer will need to retain this information on record. Your Basingstoke conveyancing practitioner will require evidence of proof of funds prior to accepting any monies from you into their client account and they may also ask additional questions concerning the source of funds.
3 months have elapsed following my purchase conveyancing in Basingstoke took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Just had an offer accepted on a new build apartment in Basingstoke. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Basingstoke
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. There must be mutual enforceability of lessee’s covenants.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Basingstoke is the location of the property. What do you suggest?
Flying freeholds in Basingstoke are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Basingstoke you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Basingstoke may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am tempted by the attractive purchase price for a two maisonettes in Basingstoke both have about forty five years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the saleability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field.
I purchased a 1st floor flat in Basingstoke, conveyancing was carried out January 2002. How much will my lease extension cost? Corresponding flats in Basingstoke with over 90 years remaining are worth £265,000. The ground rent is £50 per annum. The lease finishes on 21st October 2101
With 76 years left to run we estimate the price of your lease extension to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.
When it comes to my conveyancing in Basingstoke should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Basingstoke conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the lawyer's time in submitting the funds this way.