In what way does my ID and proof of funds have anything to do with my conveyancing in Epping? What am I being asked for?
It is indeed that case that these requests have nothing to do with conveyancing in Epping. However these days you can not proceed with any conveyancing process in the absence submitting proof of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a utility bill. Please note that if you are providing your driving licence as evidence of ID it must be both the paper element as well as the photo card part, one is not acceptable in the absence of the other.
Evidence of your origin of funds is necessary in accordance with the Money Laundering Regulations. You should not be offended when when this is requested of you as your conveyancer must have this information on record. Your Epping conveyancing lawyer will require evidence of proof of funds prior to accepting any money from you into their client account and they should also ask further queries regarding the origin of monies.
Me and my brother purchased a 4 bedroom Victorian house in Epping. Conveyancing practitioner acted for me and Lloyds TSB Bank. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, another for leasehold under the exact same address. I'd like to know for sure, how can I find out??
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Epping and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with the conveyancing solicitor who completed the work.
Should I go with a Epping conveyancing lawyer in close proximity to the house I am purchasing? I have an old university friend who can conduct the legal formalities but his firm is located 300miles away.
The primary upside of using a high street Epping conveyancing practice is that you can pop in to execute paperwork, deliver your ID and pester them if necessary. Having local Epping know how is a plus. However nothing is more important than finding someone that will do a good and efficient job. If if people you trust instructed your friend and on the whole were impressed that must outweigh using an unfamiliar Epping conveyancing solicitor solely due to them being based in the area.
What are the common deficiencies that you come across in leases for Epping properties?
There is nothing unique about leasehold conveyancing in Epping. All leases are drafted differently and drafting errors can result in certain sections are not included. The following missing provisions could result in a defective lease:
Repairing obligations to or maintain elements of the building A duty to insure the building
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Bank of Scotland, and TSB all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.
I invested in buying a studio flat in Epping, conveyancing was carried out August 2007. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Epping with over 90 years remaining are worth £176,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2071
With only 50 years unexpired we estimate the price of your lease extension to span between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
Should I be worried if there is a problem with the searches carried out as part of my conveyancing in Epping?
Ordinarily, almost all concerns arising from Epping conveyancing search responses can be handled before completion or indemnity insurance could possibly be taken. You need to remember that regardless of the fact that you intend on acquiring the property and might be willing to live with the search results, your mortgage lender may not, and ultimately the decision rests with them.