What does my ID and proof of funds have anything to do with my conveyancing in Leigh On Sea? What am I being asked for?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in Leigh On Sea. However these days you can not complete any conveyancing deal without first submitting proof of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a utility bill. Please note that if you are providing your driving licence as proof of identification it needs to be both the paper part as well as the photo card part, one is not acceptable in the absence of the other.
Verification of your source of money is mandated in accordance with the Money Laundering Regulations. Don’t be offended when you are asked to produce this as your conveyancer must retain this information on record. Your Leigh On Sea conveyancing solicitor will need to see evidence of proof of funds prior to accepting any funds from you into their client account and they should also ask additional queries regarding the origin of monies.
Are the BSA planning on creating a online directory to list law firms on the Coventry BS conveyancing panel for instance in Leigh On Sea?
We would not expect to be advised of any plans on the part of the BSA to promote such a register.
I am being advised by my solicitor that lack of building regulations insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Leigh On Sea?
The appropriate level of lack of building regulations indemnity insurance depends on your lender. It would differ for example between Yorkshire Building Society and The Royal Bank of Scotland. Conveyancing lawyers as opposed to borrowers take out such insurances.
I happen to be the only recipient of my late mum's will with all property in now in my sole name, including the house in Leigh On Sea. Conveyancing formalities meant that the Land Registry date was in November. I plan to dispose of the property. I understand that there is a CML six month 'rule', meaning my proprietorship may be considered the same way as though I had purchased the house in November. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. How practical a view lenders take of it, depend on the bank as this obligation is principally there to pick up on the purchase and immediately sell or the flipping of properties.
When it comes to mortgage companies such as Virgin Money, do Leigh On Sea conveyancing practitioners face an annual charge to be on the list of approved solicitors?
We are not aware of any bank fees to be on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
I have been on the look out for a flat up to £235,500 and found one round the corner in Leigh On Sea I like with a park and railway links nearby, however it's only got 49 years unexpired on the lease. I can't really find anything else in Leigh On Sea suitable, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan the shortness of the lease will be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
How can the Landlord & Tenant Act 1954 affect my business property in Leigh On Sea and how can your lawyers assist?
The particular law that you refer to affords security of tenure to commercial tenants, granting the a statutory right to make a request to court for a new tenancy and remain in occupation at the end of the lease term. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and help with commercial conveyancing in Leigh On Sea
If all goes to plan we aim to complete the disposal of our £375,000 garden flat in Leigh On Sea in just under a week. The management company has quoted £300 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Leigh On Sea?
Leigh On Sea conveyancing on leasehold flats usually involves the buyer’s solicitor sending questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions the majority will be willing to do so. They are entitled to levy a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee demanded by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, otherwise the invoice is technically not due. In reality you have little option but to pay whatever is demanded if you want to sell the property.
I own a split level flat in Leigh On Sea, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Leigh On Sea with an extended lease are worth £175,000. The ground rent is £65 levied per year. The lease ends on 21st October 2083
With 58 years unexpired we estimate the premium for your lease extension to range between £23,800 and £27,400 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should 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. Please do not take any other action based on this information before seeking the advice of a professional.