Me and my partner are about to complete buying a house in Sheerness but as a consequence of wreckage from some water damage at the property I have was able negotiate compensation from the owner of three thousand pounds by way of a reduction in the price. I had intended this to be dealt with as part of the conveyancing process but Co-operative are not allowing this. Should they have been notified?
Your conveyancing practitioner that is on the Co-operative approved list is duty bound to inform Co-operative of any variations to the purchase price. If you were to refuse your lawyer to report the reduction to Co-operative then they would have to discontinue acting for you. In addition, Co-operative and you would have to appoint a new conveyancing practitioner for your conveyancing in Sheerness.
In what way does my ID and proof of funds have anything to do with my conveyancing in Sheerness? Is this really warranted?
Sheerness conveyancing solicitors and indeed 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 ensure that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and evidence of address (typically a Utility Bill no older than three months).
Evidence of the origin of monies is also required in accordance with the money laundering laws as lawyers are required to investigate that the funds you are using to buy a property (whether it be the deposit for exchange or the full purchase monies where you are a cash purchaser) has come from legitimate source (such as employment savings) rather than the product of illegitimate behaviour.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Sheerness. Conveyancing is daunting 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.
Here are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Sheerness
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Please confirm the Lease plans are architect prepared. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply a car parking plan. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision.
I am looking for a ground for flat up to £245,000 and found one near me in Sheerness I like with amenity areas and transport links in the vicinity, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Sheerness suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a home loan that many years will likely be a potential deal breaker. 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 premises for at least 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
There are only 62 years left on my lease in Sheerness. I need to get lease extension but my freeholder is can not be found. What should I do?
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 extended by the Court. You will be obliged to demonstrate that you have made all reasonable attempts to find the landlord. For most situations a specialist should be helpful to try and locate and prepare a report which can be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on proving the landlord’s disappearance and the vesting order request to the County Court overseeing Sheerness.
I purchased a studio flat in Sheerness, conveyancing was carried out 7 years ago. How much will my lease extension cost? Corresponding properties in Sheerness with a long lease are worth £265,000. The average or mid-range amount of ground rent is £50 levied per year. The lease expires on 21st October 2101
You have 76 years unexpired we estimate the premium for your lease extension to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
My wife and I have selected a Sheerness conveyancing solicitor for our home move (FTB’s) and have noticed in the Ts and Cs that they are not covered by the FCA. Need I be worried or is that standard with conveyancing practitioner?
We can't see why they should be. Most conveyancing practitioner don't lend money. You should check that they are regulated by the Solicitors Regulation Authority, who dictate specific rules in place on funds deposited on client account.