In what way does my ID and proof of funds have anything to do with my conveyancing in Godshill? Is this really necessary?
To satisfy the Money Laundering Regulations any Godshill conveyancing firm will require proof of identity in all conveyancing matters. This is usually satisfied by provision of a passport and an original bank statement or utility bill evidencing where you live.
Under Money Laundering Regulations, conveyancing solicitors are obliged by law to investigate not just the ID of conveyancing clients but also the source of monies that they receive in respect of any matter. Refusal to disclose this may result in your solicitor terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to make a disclosure to the relevant authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.
Despite weeks of looking the Title Certificate and documents to our property can not be found. The solicitors who dealt with the conveyancing in Godshill 5 years ago have long since closed. What are my options?
These day there are copies made of almost everything, and your conveyancer should know exactly where to look for all the relevant documentation so you can buy or dispose of your property without a hitch. Where duplicates are not available, your solicitor can put in place insurance or indemnities against future claims on your premises.
How does conveyancing in Godshill differ for newly converted properties?
Most buyers of new build residence in Godshill come to us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is finished. This is because developers in Godshill tend to acquire the land, 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 property lawyers 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 accustomed to new build conveyancing in Godshill or who has acted in the same development.
As co-executor for the estate of my grandfather I am disposing of a residence in Monmouth but I am based in Godshill. My lawyer (based 250 miles from mehas requested that I execute a statutory declaration before completion. Can you recommend a conveyancing solicitor in Godshill to attest and place their company stamp on the document?
Technically speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or solicitor will suffice regardless of whether they are Godshill based
I work for a long established estate agent office in Godshill where we have witnessed a few flat sales jeopardised due to short leases. I have received inconsistent advice from local Godshill conveyancing firms. Can you confirm whether the owner of a flat can start the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I purchased a 2 bed flat in Godshill, conveyancing was carried out in 2007. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Godshill with an extended lease are worth £181,000. The ground rent is £55 invoiced every year. The lease runs out on 21st October 2074
With 50 years left to run the likely cost is going to be between £32,300 and £37,400 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.