What does my ID and proof of funds have anything to do with my conveyancing in Caerleon? What am I being asked for?
In order to comply with Money Laundering Regulations any Caerleon conveyancing firm will require proof of identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill evidencing where you reside.
Under Money Laundering Regulations, property lawyers are required to validate not just the identity of conveyancing clients but also the origin of fund that they receive in respect of any matter. Refusal to disclose this may result in your conveyancer ending 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 appropriate authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Caerleon?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Caerleon. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I opted to have a survey carried out on a property in Caerleon in advance of appointing solicitors. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some lenders tend not issue a loan on this type of house.
It depends who your proposed lender is. HSBC has different requirements for example to Birmingham Midshires. Should you wish to call us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Caerleon. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Caerleon to see if the conveyancing will be more expensive.
How does the Landlord & Tenant Act 1954 impact my business offices in Caerleon and how can your lawyers assist?
The particular law that you refer to affords security of tenure to commercial tenants, giving them the right to make a request to court for a renewal lease and continue in occupation when the lease comes to an end. There are limited grounds that a landlord can refuse a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and assist with commercial conveyancing in Caerleon
I am a negotiator for a busy estate agency in Caerleon where we have experienced a number of leasehold sales jeopardised due to short leases. I have received inconsistent advice from local Caerleon conveyancing firms. Could you confirm whether the owner of a flat can commence the lease extension process 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 purchaser.
Leasehold Conveyancing in Caerleon - A selection of Queries Prior to Purchasing
Does the lease have more than 80 years left? Make sure you investigate if the the lease includes any onerous restrictions in the lease. For example it is fairly common in Caerleon leases that pets are not allowed in in a block in Caerleon. If you love the apartmentin Caerleon yet your cat is not allowed to make the move with you then you will be faced difficult determination. You will want to find out as much as you can concerning the company managing the building as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to practical issues such as the tidiness of the communal areas. Don't be afraid to ask other people whether they are happy with them. In conclusion, be sure you know the dates that the service fees are due to the managing agents and specifically how they are spending the funds.