What does my ID and proof of funds have anything to do with my conveyancing in Sandy? Why is this being asked of me?
Sandy conveyancing solicitors and indeed property practitioners accross the UK have an obligation under money laundering regulations to verify the identity of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement no more than three months).
Confirmation of the origin of funds is also required under the money laundering statutes as lawyers are required to investigate that the funds you are utilising to purchase a property (be it the exchange deposit or the full purchase amount if you are a cash purchaser) has originated from legitimate source (such as employment savings) as opposed to the proceeds of illegitimate activity.
Various web forums that I have come across warn that are the number one reason for stalling in Sandy conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays during the legal transfer of property. Local searches are unlikely to feature in any holding up conveyancing in Sandy.
How does conveyancing in Sandy differ for new build properties?
Most buyers of new build residence in Sandy contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is completed. This is because builders in Sandy usually acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Sandy or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a property in Sandy ahead of retaining solicitors. I have been informed that there is a flying freehold element to the house. The surveyor has said that some banks may refuse to give a mortgage on this type of house.
It varies from the lender to lender. Lloyds has different requirements from Birmingham Midshires. Should you wish to call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Sandy. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Sandy to see if the conveyancing will be more expensive.
There are only 62 years remaining on my flat in Sandy. I am keen to extend my lease but my landlord is missing. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have used your best endeavours to track down the lessor. On the whole a specialist may be helpful to carry out a search and prepare a report to be used as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer both on investigating the landlord’s absence and the application to the County Court overseeing Sandy.
Sandy Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
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Does the lease contain onerous restrictions? It would be a good idea to investigate if there are any onerous prohibitions in the lease. By way of example some leases prohibit pets being allowed in certain buildings in Sandy. If you like the flatin Sandy yet your cat can’t make the move with you then you have a very hard choice. Are any of leasehold owners in dispute over their service charge liability?
We have been told by many estate agents that it may take six to eight weeks for Sandy conveyancing to complete.This was 3 ago. The property information was only received from the vendors lawyer yesterday so now does it countdown?
No definitive time frame exists for conveyancing in Sandy. Conveyancing is subject to many variable. Sandy conveyancing searches alone may take some weeks to arrive.