In what way does my ID and proof of funds have anything to do with my conveyancing in Tanworth In Arden? What am I being asked for?
In order to comply with Money Laundering Regulations any Tanworth In Arden conveyancing firm will require proof of identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility account evidencing where you reside.
In accordance with Money Laundering Regulations, property lawyers are duty bound to validate not only the identity of conveyancing clients but also the origin of the money that they receive in respect of any matter. Refusal to disclose this will result in your lawyer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to notify the relevant authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
The Tanworth In Arden conveyancing solicitors that just started acting on my house acquisition in Tanworth In Arden have without warning closed. I chose them because I had to have a lawyer on the TSB conveyancing panel and my preferred Tanworth In Arden lawyer was not. I sent them a cheque for two hundred pounds in advance. What do I do now?
If you have an estate agent involved then let them know immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the TSB conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help.
Are there restrictive covenants that are commonly identified as part of conveyancing in Tanworth In Arden?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Tanworth In Arden. 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…’
About to purchase a new build apartment in Tanworth In Arden. Conveyancing is necessary evil 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 legal work.
Set out below are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Tanworth In Arden
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Due to the advice of my in-laws I had a survey completed on a property in Tanworth In Arden ahead of retaining conveyancers. I have been told that there is a flying freehold aspect to the property. The surveyor advised that some banks will refuse to grant a loan on this type of house.
It depends who your proposed lender is. Lloyds has different requirements for example to Birmingham Midshires. If you call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Tanworth In Arden. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Tanworth In Arden to see if the conveyancing will be more expensive.
I am a negotiator for a long established estate agent office in Tanworth In Arden where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Tanworth In Arden conveyancing solicitors. Can you confirm whether the vendor of a flat can initiate the lease extension formalities 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 buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is 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.
I inherited a 2 bed flat in Tanworth In Arden, conveyancing having been completed in 2010. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Tanworth In Arden with over 90 years remaining are worth £165,000. The ground rent is £50 invoiced annually. The lease ends on 21st October 2103
With 78 years unexpired the likely cost is going to be between £7,600 and £8,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.