In what way does my ID and proof of funds have anything to do with my conveyancing in Colsterworth? Is this really necessary?
To satisfy the Money Laundering Regulations any Colsterworth conveyancing firm will require proof of identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility bill showing where you live.
In accordance with Money Laundering Regulations, conveyancers are required to investigate not only the identity of conveyancing clients but also the origin of monies that they receive in respect of any matter. Refusal to disclose this will result in your conveyancer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to inform the appropriate authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Colsterworth is where the house is located. What do you suggest?
Flying freeholds in Colsterworth are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Colsterworth you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Colsterworth may decide 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 residence.
Hoping to buy a property located in Colsterworth and I am already nervous. I couldn't find anything specific about Colsterworth. Conveyancing will be needed in due course but do you know about the Colsterworth area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Colsterworth. In the meantime here are some basic statistics that we found
I have been sourcing a conveyancing solicitor in Colsterworth for my house move. Is there any facility to see a firm’s record with the profession’s regulator?
You can find presented Solicitor Regulator Association (SRA) decisions resulting from investigations from 2008 onwards. Visit Check a solicitor's record. For details Pre 2008, or to check a firm's record, phone 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 SRA could monitor telephone calls for training requirements.
I am looking at a two flats in Colsterworth both have approximately fifty years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Colsterworth is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of buyers and banks, leases with under 75 years become less and less attractive. On a more upbeat 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 premises 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 Colsterworth 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.
I invested in buying a 1 bedroom flat in Colsterworth, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Colsterworth with an extended lease are worth £197,000. The ground rent is £55 levied per year. The lease runs out on 21st October 2081
With only 55 years unexpired we estimate the price of your lease extension to range between £31,400 and £36,200 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
How much experience do your Colsterworth conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Colsterworth conveyancing lawyers help thousands of buyers move home every year and supported lots of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Colsterworth conveyancers have worked on recent similar matters.