What does my ID and proof of funds have anything to do with my conveyancing in Caldicot? What am I being asked for?
In order to comply with Money Laundering Regulations any Caldicot conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility bill evidencing where you live.
Under Money Laundering Regulations, conveyancers are duty bound to validate not simply the ID of conveyancing clients but also the origin of monies that they receive in respect of any matter. An unwillingness to disclose this will result in your solicitor terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to notify the relevant authorities should they believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Caldicot?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Caldicot. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I opted to have a survey carried out on a property in Caldicot ahead of retaining solicitors. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some lenders will refuse to give a mortgage on this type of house.
It depends who your proposed lender is. Lloyds has different instructions for example to Halifax. If you e-mail us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Caldicot. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Caldicot to see if the conveyancing will be more expensive.
How do I use your search tool to choose a conveyancing practitioner in Caldicot on the approved list for my lender?
Step one is to select a lender such as Halifax, Bank of Scotland or TSB then specify your preferred area e.g. Caldicot. Conveyancing organisations in Caldicot and further afield will then be shown.
I am looking for a conveyancing lawyer in Caldicot for my house move. Can I check a firm’s record with the profession’s regulator?
Members of the public can search for presented Solicitor Regulator Association (SRA) decisions stemming from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find details Pre 2008, or to check a firm's record, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, use +44 (0)121 329 6800. The regulator sometimes recorded call for training purposes.
I am attracted to a two maisonettes in Caldicot both have about fifty years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Caldicot is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of purchasers and banks, leases with under eighty years become less and less marketable. On a more positive 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 a property 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 Caldicot conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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.
Leasehold Conveyancing in Caldicot - Sample of Queries before buying
-
Make sure you find out if there is anything that is prohibited in the lease. By way of example it is fairly common in Caldicot leases that pets are not permitted in in a block in Caldicot. If you like the propertyin Caldicot but your dog is not allowed to make the move with you then you will be presented with a hard compromise. Where a Caldicot lease has fewer than 80 years it will have adverse implications on the marketability of the property. Check with your bank that they are willing to to proceed given the lease term. Leases with less than 80 years remaining means that you will almost definitely need a lease extension at some point and it is worth finding out what this will be. For most Caldicotlease extensions you would be be obliged to have been the owner of the property for two years before you are entitled to extend the lease. Are any of leasehold owners in arrears of their service charge liability?