What does my ID and proof of funds have anything to do with my conveyancing in West Malling? What am I being asked for?
West Malling conveyancing solicitors and indeed property lawyers throughout the UK have a duty under Anti-terror and anti-money-laundering rules to verify the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and evidence of address (typically a Bank Statement no older than three months).
Proof of source of funds is also necessary in compliance with the money laundering statutes as conveyancers are obliged to investigate that the money you are using to buy a property (be it the exchange deposit or the total purchase monies where you are buying mortgage free) has come from legitimate source (such as an inheritance) rather than the fruits of criminal behaviour.
My relative suggested that where I am purchasing in West Malling I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually included in the estimate for your West Malling conveyancing searches. It is a large document of about 40 pages, listing and detailing important information about West Malling around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the West Malling Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, West Malling Education with plans and statistics, Local Amenities and other useful data about West Malling.
I have been on the look out for a leasehold apartment up to £305k and found one near me in West Malling I like with amenity areas and station in the vicinity, however it's only got 52 years on the lease. I can't really find anything else in West Malling in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan that many years will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
Am I right to be suspicious by third parties that I am dealing with are suggesting an internet conveyancing firm rather than a High Street West Malling conveyancing company?
As is the case with many professional services, often input from relatives can be extremely useful or valuable. Nevertheless there are numerous players in a conveyancing matter; estate agents, financial adviser and mortgage companies may suggest conveyancers to select. Sometimes these lawyers might be known to one of the organisations as being good in their field, but occasionally there exists a financial incentive behind the endorsement. You have the discretion to appoint your own conveyancer. However, bear in mind that most banks operate an approved list of solicitors you are obliged to use for the lender aspect of your house move.
Do you have any advice for leasehold conveyancing in West Malling with the purpose of expediting the sale process?
- Much of the frustration in leasehold conveyancing in West Malling can be reduced where you get in touch lawyers the minute you market your property and ask them to put together the leasehold information needed by the buyers’ solicitors. In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? West Malling leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord consenting to such alterations. Should you dont have the paperwork to hand you should not communicate with the landlord without checking with your conveyancer in advance. Many freeholders or Management Companies in West Malling levy fees for providing management packs for a leasehold home. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in West Malling. Some West Malling leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
I invested in buying a 1st floor flat in West Malling, conveyancing formalities finalised in 2007. Can you work out an approximate cost of a lease extension? Corresponding properties in West Malling with over 90 years remaining are worth £260,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ends on 21st October 2099
You have 74 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
My brother-in-law has suggested I instruct a conveyancing solicitor in West Malling. I I would like to check if they are listed on the lender's approved list of lawyers. Can you or the lender confirm if they are on the panel?
It’s a good idea call the lawyer to check if they are on the lender's approved list. Alternatively please call us and we can make some checks for you. If they are not on the lender panel we can certainly arrange a reputable conveyancing solicitor in West Malling on the panel for your mortgage company.