What does my ID and proof of funds have anything to do with my conveyancing in Chew Magna? Why is this being asked of me?
Chew Magna conveyancing solicitors as well as nationwide property practitioners throughout the UK have a duty under money laundering regulations to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and evidence of address (typically a Bank Statement no older than three months).
Evidence of source of funds is also required under the money laundering regulations as lawyers are mandated to ensure that the funds you are utilising to acquire a property (be it the exchange deposit or the full purchase monies where you are buying without a mortgage) has come from a reputable source (such as employment savings) as opposed to the proceeds of criminal activity.
My Conveyancer in Chew Magna is not listed on the Virgin Money Approved Panel. Is it possible for me to use my prefered solicitor even though they are excluded from the Virgin Money list of approved lawyers?
The limited options available to you here include:
- Complete the purchase with your preferred Chew Magna solicitors but Virgin Money will need to retain a lawyer on their list of acceptable firms. This will result in additional total conveyancing fees and result in frustration.
- Choose an alternative practitioner to to deal with the conveyancing, remembering to check they are Virgin Money approved.
- Persuade your Virgin Money based solicitor to try to join the Virgin Money panel
A relative suggested that where I am buying in Chew Magna I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes included in the estimate for your Chew Magna conveyancing searches. It is a large document of more than thirty pages, listing and detailing important information about Chew Magna around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Chew Magna Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data concerning Chew Magna.
I have been on the look out for a ground for flat up to £245,000 and found one near me in Chew Magna I like with a park and transport links nearby, however it's only got 51 years unexpired on the lease. I can't really find anything else in Chew Magna in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a mortgage that many years will be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
What makes your site different to other internet conveyancing solicitors for conveyancing in Chew Magna?
At this site secure a conveyancing quote from a Solicitor or Licensed Conveyancer that understands the nuances for your conveyancing in Chew Magna. As opposed to estate agents and brokerage sites we do not charge firms a fee if you choose them for your home move in Chew Magna
Do you have any top tips for leasehold conveyancing in Chew Magna with the purpose of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Chew Magna can be bypassed where you get in touch lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the buyers’ representatives. If you have carried out any alterations to the property would they have required Landlord’s permission? In particular have you installed wooden flooring? Chew Magna leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord approving such works. Should you dont have the approvals in place you should not communicate with the landlord without checking with your conveyancer in advance. If you are supposed to have a share in the freehold, you should make sure that you hold the original share document. Obtaining a new share certificate can be a time consuming formality and frustrates many a Chew Magna conveyancing deal. Where a duplicate share is necessary, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity. If you have had any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic rather than ongoing. Many landlords or Management Companies in Chew Magna levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Chew Magna.
I invested in buying a leasehold flat in Chew Magna, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Chew Magna with a long lease are worth £180,000. The ground rent is £65 levied per year. The lease comes to an end on 21st October 2084
With just 59 years remaining on your lease we estimate the premium for your lease extension to be between £20,900 and £24,200 as well as costs.
The figure that we have given is a general guide to costs for renewing 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 considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.