In what way does my ID and proof of funds have anything to do with my conveyancing in Saltney? What am I being asked for?
Saltney conveyancing solicitors and indeed property practitioners accross the UK have an obligation under money laundering regulations to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and evidence of address (usually a Utility Bill less than 3 months old).
Confirmation of source of monies is also required under the money laundering statutes as solicitors are required to ensure that the monies you are using to buy a property (be it the exchange deposit or the full purchase monies where you are buying without a mortgage) has come from a reputable source (such as employment savings) rather than the proceeds of illegitimate behaviour.
When looking at mumsnet.com for a conveyancing solicitor in Saltney, many comment that I should look for a CQS assured solicitor. What is CQS?
Saltney Conveyancing Quality Scheme practices have obtained accreditation by the law Society CQS was established to promote high standards in the home legal process. CQS enables consumers to identify practices that provide a quality residential conveyancing. Saltney is one of locations in England and Wales in which accredited firms have a presence. The scheme obliges practices to undergo a strict assessment, compulsory training, self-certification, spot checks and yearly assessments in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Association of British Insurers.
Should my solicitor be raising questions regarding flooding as part of the conveyancing in Saltney.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Saltney. Some people will buy a property in Saltney, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, however there are a numerous checks that can be carried out by the purchaser or by their lawyers which will figure out the risks in Saltney. The conventional set of completed inquiry forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the owner to discover if the premises has suffered from flooding. If flooding has previously occurred and is not disclosed by the seller, then a buyer may issue a compensation claim as a result of such an inaccurate reply. A purchaser’s lawyers will also conduct an environmental search. This will higlight whether there is any known flood risk. If so, further inquiries will need to be initiated.
Are there restrictive covenants that are commonly identified during conveyancing in Saltney?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Saltney. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am looking at a two apartments in Saltney both have approximately 50 years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the saleability of the lease reduces and it becomes more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field.
I bought a leasehold flat in Saltney, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Saltney with an extended lease are worth £186,000. The ground rent is £55 per annum. The lease ends on 21st October 2077
With only 52 years unexpired we estimate the premium for your lease extension to span between £29,500 and £34,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
As a leasehold owner I am on the hook for a maintenance fee for my flat in Saltney. As a result of personal circumstances I slipped behind with remittance. I negotiated a clearance schedule but there remains two outstanding at the current time.
I want to dispose of the property and I am concerned this could hold me back if I have to discharge the arrears now. I'd like to sell up and then pay them back with the completion monies - is this possible?
Your property lawyer should be able to negotiate with the management company, with a new to seeing if they would accept settlement out of the completion monies. This is an example of why it is sensible to use a conveyancing practitioner in Saltney as they may well enjoy an established relationship with the parties.