In what way does my ID and proof of funds have anything to do with my conveyancing in Bankside? Why is this being asked of me?
Bankside conveyancing solicitors as well as nationwide property lawyers throughout the UK have a duty under Anti-terror and anti-money-laundering rules to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).
Confirmation of the origin of monies is also required in compliance with the money laundering laws as conveyancers are mandated to check that the funds you are using to acquire a property (whether it be the deposit for exchange or the total purchase amount if you are buying without a mortgage) has come from a reputable source (such as an inheritance) rather than the product of criminal behaviour.
My wife and I buying a 4 bedroom semi-detached house in Bankside. Our aim is to an extension at the rear at the house.Will legal due diligence on the property involve investigations to see if these works are prohibited?
Your conveyancer should check the deeds as conveyancing in Bankside can on occasion reveal restrictions in the title deeds which restrict categories of works or require the permission of a 3rd party. Some additions require local authority planning consent and approval in accordance building regulations. Many locations are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be wise to check these issues with a surveyor ahead of any purchase.
Can I be sure that the Bankside conveyancing solicitor on the Co-operative panel is any good?
When it comes to conveyancing in Bankside seeking recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the lawyer handling your conveyancing.
We have a mortgage agreed in principle with Yorkshire BS. Bankside conveyancing practitioners are chosen. How long does it take for Yorkshire BS to forward the offer to the conveyancing practitioner?
There is no definitive answer here. Have Yorkshire BS conducted the valuation? Have you informed Yorkshire BS as to your lawyers' details and checked that your lawyers are on the Yorkshire BS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Should our solicitor be raising enquiries concerning flooding as part of the conveyancing in Bankside.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Bankside. Plenty of people will buy a house in Bankside, fully aware that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, but there are a numerous searches that can be initiated by the buyer or by their solicitors which can give them a better appreciation of the risks in Bankside. The standard completed inquiry forms given to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the vendor to discover if the premises has suffered from flooding. In the event that the residence has been flooded in past and is not disclosed by the owner, then a purchaser may issue a compensation claim as a result of such an incorrect answer. The purchaser’s conveyancers will also commission an enviro report. This will indicate whether there is any known flood risk. If so, more detailed investigations should be initiated.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one near me in Bankside I like with a park and transport links nearby, the downside is that it's only got 51 years unexpired on the lease. I can't really find anything else in Bankside for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage the remaining unexpired lease term will likely be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
Hoping to buy a property located in Bankside and I am already nervous. I couldn't find anything specific about Bankside. Conveyancing will be needed in due course but do you know about the Bankside area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Bankside. In the meantime here are some basic statistics that we found
I am looking at a two maisonettes in Bankside which have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Bankside is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the property. For most buyers and lenders, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Bankside conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
After years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Bankside. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Bankside conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Bankside flat is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case was in relation to 41 flats. The unexpired term as at the valuation date was 107 years.