In what way does my ID and proof of funds have anything to do with my conveyancing in Downham Market? What am I being asked for?
To satisfy the Money Laundering Regulations any Downham Market conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility account showing where you reside.
In accordance with Money Laundering Regulations, property lawyers are required to ascertain not just the identity of conveyancing clients but also the origin of the money that they receive in respect of any matter. An unwillingness to disclose this may lead to your solicitor ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to make a disclosure to the relevant authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
Me and my brother own a terraced Georgian property in Downham Market. Conveyancing practitioner represented me and Barnsley Building Society. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold with the matching address. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Downham Market and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with the conveyancing solicitor who completed the work.
Due to the guidance of my in-laws I had a survey completed on a property in Downham Market ahead of instructing solicitors. I have been told that there is a flying freehold element to the house. Our surveyor advised that some mortgage companies tend refuse to issue a loan on this type of house.
It depends who your proposed lender is. HSBC has different instructions for example to Nationwide. Should you wish to telephone us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Downham Market. Conveyancing may be slightly more expensive based on your lender's requirements.
As co-executor for the will of my grandfather I am selling a residence in Newport but reside in Downham Market. My solicitor (based 250 kilometers awayrequires that I execute a statutory declaration before completion. Could you suggest a conveyancing lawyer in Downham Market who can attest this legal document for me?
Technically speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Normally any notary public or solicitor will suffice regardless of whether they are Downham Market based
I am attracted to a couple of apartments in Downham Market which have approximately 50 years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Downham Market is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most purchasers and lenders, leases with less than 75 years become less and less attractive. On a more upbeat 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 property 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 Downham Market conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.
Downham Market Leasehold Conveyancing - A selection of Questions you should ask before Purchasing
-
The best form of lease arrangement is a share of the freehold. In this arrangement the lessees benefit from control and although a managing agent is usually retained if the building is bigger than a house conversion, the managing agent employed by the leaseholders. What is the length of the lease? How much is the ground rent and service charge?
I'm buying a apartment in Downham Market. I have found my conveyancer's company on the CLC list, but I can't find my lawyer's name on the list. Should I be concerned?
Not every individual in the practice must be listed by the regulator. As long there is someone qualified to 'oversee' the conveyancing, the actual day-to-day activity can be conducted by unqualified staff.