What does my ID and proof of funds have anything to do with my conveyancing in Alton? Why is this being asked of me?

To satisfy the Money Laundering Regulations any Alton conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility bill evidencing your correct address.

Under Money Laundering Regulations, conveyancers are obliged by law to ascertain not only the identity of conveyancing clients but also the source of monies that they receive in respect of any matter. Refusal to disclose this will result in your lawyer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.

Your conveyancers will have an obligation to inform the relevant authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.

I'm buying my first flat in Alton benefiting from help to buy. The developers would not move on the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not disclose to my conveyancer about the side-deal as it will put at risk my mortgage with Bank of Ireland. Should I keep quiet?.

All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

I am looking for a flat up to £235,500 and found one near me in Alton I like with amenity areas and transport links nearby, however it only has 61 years unexpired on the lease. I can't really find anything else in Alton in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?

Should you require a home loan the shortness of the lease will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.

I am looking at a two flats in Alton which have in the region of forty five years remaining on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Alton is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of purchasers and lenders, leases with under eighty years become less and less marketable. 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 premises 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 Alton 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. 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.

I bought a studio flat in Alton, conveyancing having been completed in 2005. Can you work out an approximate cost of a lease extension? Comparable flats in Alton with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease terminates on 21st October 2093

With just 69 years unexpired we estimate the premium for your lease extension to range between £9,500 and £11,000 plus legals.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.

Do online conveyancing organisations do everything a local Alton solicitor does or must I use a solicitor for the final stages for my conveyancing in Alton?

If you choose an online conveyancer they should undertake all the work your Alton conveyancer will cover.