What does my ID and proof of funds have anything to do with my conveyancing in Pendlebury? Why is this being asked of me?
Pendlebury conveyancing solicitors and indeed property lawyers accross the UK have a duty under money laundering regulations to verify the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to disclose 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 the origin of funds is also necessary under the money laundering regulations as solicitors are mandated to ensure that the monies you are using to purchase a property (whether it be the deposit for exchange or the total purchase monies if you are a cash purchaser) has come from an acceptable source (such as an inheritance) and is not the proceeds of illegitimate behaviour.
Do I need to pay for insurance to address the risk of chancel repairs when buying a house in Pendlebury?
Unless a prior purchase of the property took place post 12 October 2013 you could take it that conveyancing practitioners carrying out conveyancing in Pendlebury to remain recommending a chancel search and or chancel repair liability insurance.
2 months have gone by since my purchase conveyancing in Pendlebury concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
The estate agent has sent us the confirmation of our purchase of a new build flat in Pendlebury. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Pendlebury
-
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
In what way can the Landlord & Tenant Act 1954 impact my business premises in Pendlebury and how can your lawyers assist?
The particular law that you refer to affords security of tenure to commercial lessees, granting the a statutory right to make a request to court for a new tenancy and continue in occupation when the lease reaches an end. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing firms who use the act for protection and handle your commercial conveyancing in Pendlebury
I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Pendlebury. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Pendlebury ?
The majority of houses in Pendlebury are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can help the conveyancing process. It is clear that you are purchasing in Pendlebury in which case you should be shopping around for a Pendlebury conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your lawyer will appraise you on the various issues.
Leasehold Conveyancing in Pendlebury - A selection of Queries before Purchasing
-
Is the freehold owned jointly by the tenants? Is anyone aware of any major works in the planning that will add a premium to the maintenance charges? Where a Pendlebury lease has fewer than 80 years it will have adverse implications on the salability of the property. It is worth checking with your mortgage company that they are happy with residual term of the lease. A short lease means that you will almost definitely have to extend the lease sooner rather than later and you need to have some idea of what this would cost. Remember, in most cases you would need to own the premises for two years before you are eligible to extend the lease.