In what way does my ID and proof of funds have anything to do with my conveyancing in Cudham? What am I being asked for?
Cudham conveyancing solicitors as well as nationwide property practitioners throughout the UK have a duty under money laundering regulations to check the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and evidence of address (typically a Utility Bill no older than three months).
Proof of source of funds is also necessary in compliance with the money laundering statutes as conveyancers are required to investigate that the funds you are using to acquire a property (be it the exchange deposit or the total purchase amount where you are buying without a mortgage) has originated from a reputable source (such as employment savings) rather than the proceeds of criminal behaviour.
I own a 4 bedroom Edwardian house in Cudham. Conveyancing solicitor represented me and Norwich and Peterborough Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, another for leasehold under the exact same property. I'd like to know for sure, how can I find out??
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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Cudham and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with your conveyancing solicitor who carried out the work.
Due to the advice of my in-laws I had a survey completed on a property in Cudham in advance of appointing solicitors. I have been told that there is a flying freehold aspect to the property. The surveyor has said that some banks tend not give a mortgage on such a property.
It varies from the lender to lender. Lloyds has different requirements for example to Halifax. Should you wish to telephone us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Cudham. Conveyancing may be slightly more expensive based on your lender's requirements.
My step-father has recommend that I use his lawyers for conveyancing in Cudham. Should I use them?
There are no two ways about it the best way to find a conveyancing lawyer is to get referrals from friends or relatives who have actually experience in using the conveyancer that you are are thinking of instructing.
I am employed by a long established estate agency in Cudham where we see a number of flat sales jeopardised as a result of short leases. I have received contradictory information from local Cudham conveyancing firms. Can you clarify whether the owner of a flat can initiate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. 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.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
Having spent months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Cudham. Can we issue an application to the Residential Property Tribunal Service?
You certainly can. We can put you in touch with a Cudham conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Cudham premises is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case related to 1 flat. The unexpired lease term was 50.57 years.
22 days into purchasing a residence in Cudham. Conveyancing solicitor has told us the property is "Leasehold". Will this likely adversely affect our lender’s valuation?
Cudham conveyancing does not ordinarily involve leasehold houses. The key factor here is the unexpired lease term and the ground rent. If it's 999 years with a nominal rent, it's essentially freehold, so it shouldn't impact the value significantly.
At the other end of the spectrum, if it's, say, fifty five years it is bound to have a material impact on the value, and probably wouldn't be acceptable to the mortgage company. The remaining lease term and ground rent will be stated in the lease which should be made available to your property lawyer.