What does my ID and proof of funds have anything to do with my conveyancing in Burnham Market? What am I being asked for?
In order to comply with Money Laundering Regulations any Burnham Market conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility account showing your correct address.
In accordance with Money Laundering Regulations, conveyancers are duty bound to check not simply 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 conveyancer cancelling their relationship 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 appropriate authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
The Burnham Market conveyancing firm that I appointed last week on my house acquisition in Burnham Market have without warning shut down. I chose them because I needed a solicitor on the Coventry BS conveyancing panel and my family Burnham Market lawyer was not. I gave my credit card details for them to take £195 for searches. What should be my next steps?
If you have an estate agent involved then let them know immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Coventry BS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
I have justdiscovered that Stirling Law have closed. They conducted my conveyancing in Burnham Market for a purchase of a leasehold apartment 10 months ago. How can I be sure that the property is registered correctly in the name of the previous owner?
The easiest method to check if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Burnham Market conveyancing specialists.
I have been on the look out for a ground for flat up to £305k and found one close by in Burnham Market I like with amenity areas and transport links nearby, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Burnham Market in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage the remaining unexpired lease term will be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
I've found a house that appears to be perfect, at a great price which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Burnham Market. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Burnham Market ?
The majority of houses in Burnham Market are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Burnham Market in which case you should be shopping around for a Burnham Market conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your lawyer will advise you fully on all the issues.
I inherited a split level flat in Burnham Market, conveyancing was carried out March 2000. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Burnham Market with a long lease are worth £206,000. The ground rent is £45 invoiced every year. The lease ends on 21st October 2084
With only 66 years left to run we estimate the premium for your lease extension to span between £11,400 and £13,200 as well as costs.
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 due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.