In what way does my ID and proof of funds have anything to do with my conveyancing in Buckden? Why is this being asked of me?
Buckden 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 in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and proof of address (usually a Bank Statement no older than three months).
Proof of the origin of funds is also required in compliance with the money laundering statutes as conveyancers are mandated to ensure that the funds you are utilising to buy a property (whether it be the deposit for exchange or the total purchase price if you are a cash purchaser) has come from legitimate source (such as an inheritance) and is not the proceeds of criminal activity.
The Buckden conveyancing solicitors that I recently instructed on my house acquisition in Buckden have without warning closed. They were on acting for me because I needed a firm on the Barclays conveyancing panel and my preferred Buckden lawyer was not. I gave my credit card details for them to take £195 for searches. What do I do now?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Barclays conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
I have been told that property searches are the main reason for stalling in Buckden house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances during the legal transfer of property. Searches are not likely to feature in any holding up conveyancing in Buckden.
My wife and I purchased a 4 bedroom Edwardian house in Buckden. Conveyancing solicitor represented me and Clydesdale. I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold with the matching address. I thought I was buying a freehold how can I check?
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Buckden and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with your conveyancing practitioner who carried out the work.
I opted to have a survey completed on a house in Buckden ahead of appointing solicitors. I have been told that there is a flying freehold overhang to the property. My surveyor has said that some banks will not grant a mortgage on such a property.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Nationwide. Should you wish to telephone us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Buckden. Conveyancing will be smoother if you use a solicitor in Buckden especially if they regularly deal with such properties in Buckden.
Having had my offer accepted I require leasehold conveyancing in Buckden. Before diving in I want to be sure as to the remaining lease term.
If the lease is registered - and most are in Buckden - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the registered owner of a ground floor flat in Buckden, conveyancing was carried out 7 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Buckden with an extended lease are worth £192,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease comes to an end on 21st October 2080
With only 54 years remaining on your lease we estimate the premium for your lease extension to span between £32,300 and £37,400 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.