In what way does my ID and proof of funds have anything to do with my conveyancing in Woolton? Why is this being asked of me?
Woolton conveyancing solicitors as well as nationwide property lawyers accross the UK have a duty under money laundering regulations to check the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and evidence of address (typically a Utility Bill less than 3 months old).
Confirmation of the origin of funds is also required in compliance with the money laundering laws as lawyers are duty bound to investigate that the funds you are using to buy a property (whether it be the deposit for exchange or the total purchase price where you are buying without a mortgage) has come from an acceptable source (such as employment savings) and is not the fruits of illegitimate activity.
I happen to be the only recipient of my late mum's will with all property in now in my sole name, including the house in Woolton. The Woolton property was put into my name in May. I want to move. I understand that there is a CML 6 month 'rule', meaning my property ownership could be treated the same way as if I'd bought the house in May. Will no one buy the property for half a year?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be affected by that. Most banks would take a pragmatic view as this clause is chiefly there to identify the purchase and immediately sell or the wholesaling and assigning of property.
When it comes to mortgage companies such as TSB, do Woolton solicitors incur a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I'm at the point of viewing apartments in Woolton and I am about to put in an offer. Is it best to have my solicitor on ‘stand by’? I intend to finance via a home loan with Barclays.
You should start obtaining conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the selling agent. As you are taking out a mortgage with Barclays, ask your prospective lawyers if they are on the Barclays conveyancing panel otherwise they can't do the mortgage legal work.
I require expedited conveyancing in Woolton as I am under pressure to exchange contracts in less than 2 weeks. A mortgage is not required. Can I avoid the conveyancing searches to save fees and time?
As you are not obtaining a mortgage you are at free not to have searches conducted although no law firm would recommend that you don't. With lots of history conveyancing in Woolton the following are examples of what can show up and therefore affect market value: Enforcement Actions, Overdue Charges, Overdue Grants, Road Schemes,...
I am buying a new build apartment in Woolton. Conveyancing is a frightening process 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 is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Woolton
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. There must be mutual enforceability of lessee’s covenants. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
Due to the encouragement of my in-laws I had a survey completed on a property in Woolton before retaining solicitors. I have been advised that there is a flying freehold element to the property. The surveyor advised that some mortgage companies tend refuse to issue a mortgage on a flying freehold premises.
It varies from the lender to lender. HSBC has different instructions from Halifax. If you call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Woolton. Conveyancing may be slightly more expensive based on your lender's requirements.
I am on look out for some leasehold conveyancing in Woolton. Before I get started I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Woolton - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I inherited a ground floor flat in Woolton, conveyancing formalities finalised 8 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Woolton with a long lease are worth £170,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease comes to an end on 21st October 2103
With just 78 years unexpired we estimate the price of your lease extension to range between £7,600 and £8,800 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account 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 getting professional advice.