In what way does my ID and proof of funds have anything to do with my conveyancing in Colsterworth? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Colsterworth conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility bill showing your correct address.
In accordance with Money Laundering Regulations, conveyancing solicitors are required to check not simply the identity of conveyancing clients but also the origin of fund 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 make a disclosure to the relevant authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
A relative advised me that where I am buying in Colsterworth 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 usually included in the estimate for your Colsterworth conveyancing searches. It is not a small report of more than thirty pages, listing and detailing significant information about Colsterworth around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Colsterworth Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Colsterworth Education with maps and statistics, Local Amenities and other useful data regarding Colsterworth.
How does conveyancing in Colsterworth differ for new build properties?
Most buyers of new build residence in Colsterworth approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because developers in Colsterworth tend to acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Colsterworth or who has acted in the same development.
My business partner and I are looking to take over a lease of an office on a shopping parade. Can you recommend solicitors offering fixed costs for commercial conveyancing in Colsterworth for below £2000?
We can recommend firms who have an in-depth of experience of commercial conveyancing in Colsterworth, including the sale and purchase of businesses as well as simply premises. Whether you are looking to buy or lease a shop, pub, restaurant, office, retail premises or a whole business we can find you the right firm. As for the charges this will depend on the structure and complexity of the deal. Let us have your details or call so as to enable us to provide you with a detailed commercial conveyancing calculation.
I am employed by a busy estate agent office in Colsterworth where we see a number of leasehold sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Colsterworth conveyancing firms. Could you clarify whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Colsterworth Conveyancing for Leasehold Flats - A selection of Questions you should consider before buying
-
Is there a share of the freehold? Make sure you find out if the the lease contains any onerous restrictions in the lease. For example plenty of leases prohibit pets being permitted in certain buildings in Colsterworth. If you love the apartmentin Colsterworth but your cat can’t live with you then you will be presented with a hard compromise. What is the the remaining lease term?
When it comes to my conveyancing in Colsterworth 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 Colsterworth conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the solicitor's time in submitting the funds this way.