We are only a couple days away from an exchange on a house in Ravenshead and my parents have transferred the exchange deposit to my conveyancer. I am now advised that as the deposit has been sent from someone other than me my property lawyer needs to make a notification to my mortgage company. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I advised the lender regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your conveyancer is obliged to clarify with lender to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
What does my ID and proof of funds have anything to do with my conveyancing in Ravenshead? Why is this being asked of me?
Ravenshead conveyancing solicitors as well as nationwide property practitioners accross the UK have a duty under money laundering regulations to check the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to produce two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and proof of address (typically a Bank Statement no older than three months).
Proof of source of funds is also required in compliance with the money laundering statutes as lawyers have a duty to check that the monies you are using to purchase a property (be it the exchange deposit or the total purchase price where you are a cash purchaser) has come from legitimate source (such as an inheritance) and is not the proceeds of criminal activity.
What will a local search reveal regarding the property my wife and I purchasing in Ravenshead?
Ravenshead conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company for instance Onsearch The local search plays an important role in many a Ravenshead conveyancing purchase; that is if you don’t want any nasty once you have moved into your property. The search will provide information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
I am buying a new build apartment in Ravenshead. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Ravenshead
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please supply a car parking plan. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. 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. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
What does commercial conveyancing in Ravenshead cover?
Non domestic conveyancing in Ravenshead incorporates a wide range of services, offered by qualified solicitors, relating to business premises. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
I've found a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Ravenshead. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Ravenshead ?
The majority of houses in Ravenshead are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. It is clear that you are buying in Ravenshead so you should seriously consider shopping around for a Ravenshead conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should report to you on the legal implications.
I bought a leasehold flat in Ravenshead, conveyancing formalities finalised in 2002. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Ravenshead with over 90 years remaining are worth £171,000. The ground rent is £50 yearly. The lease runs out on 21st October 2105
With only 79 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.