In what way does my ID and proof of funds have anything to do with my conveyancing in Grantham? Is this really necessary?

Grantham conveyancing solicitors and indeed property lawyers accross the UK have an obligation under Anti-terror and anti-money-laundering rules to check the ID of any client with a view to ensure that clients are who they say they are.

Conveyancing clients will need to provide two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and evidence of address (typically a Bank Statement no older than three months).

Evidence of the origin of monies is also required under the money laundering laws as lawyers are required to investigate that the money you are utilising to purchase a property (whether it be the deposit for exchange or the total purchase amount where you are buying without a mortgage) has originated from an acceptable source (such as employment savings) rather than the product of illegitimate activity.

How easy is it to transfer to a new solicitor as I need to retain one who is on the conveyancing list. I hired a high street conveyancing solicitor in Grantham five minutes from me but he is not approved by

We will our best to assist in finding you a conveyancing solicitor in Grantham on the panel. Please note that the property lawyers that we list do not pay us commission if you instruct them and are registered with the SRA who regulate all conveyancing solicitors in Grantham. In utilising search facility on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Grantham.

My father has encouraged me to use his conveyancers in Grantham. Do I take his advice?

No doubt the best way to select a conveyancing solicitor is to have guidance from friends or family who have actually previously instructed the firm you're contemplating using.

I am tempted by the attractive purchase price for a two flats in Grantham which have in the region of fifty years unexpired on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Grantham is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of purchasers and mortgage companies, leases with under eighty years become less and less attractive. On a more positive 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 a property 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 Grantham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

Grantham Conveyancing for Leasehold Flats - A selection of Queries before Purchasing

Most Grantham leasehold flats will be liable to pay a service bill for the upkeep of the building levied by the management company. Where you buy the flat you will have to pay this liability, usually in instalments accross the year. This may be anything from a couple of hundred pounds to thousands of pounds for blocks with lifts and large communal areas. In all probability there will be a rentcharge to be met yearly, ordinarily this is not a exorbitant sum, say around £25-£75 but you should to enquire it because occasionally it could be surprisingly expensive. The best form of lease arrangement is if the freehold title is in the ownership of the leaseholders. In this scenario the lessees enjoy being in charge if their destiny and although a managing agent is frequently employed where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves. Does the lease contain onerous restrictions?

Much to my surprise my lawyer in Grantham is asking me for ID documents saying that this forms part of his obligations as a solicitor on the mortgage company Solicitor panel. Am I being spun a yarn?

Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offence if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage, your lawyer also has to check ID documents to satisfy the bank. This is not specific to conveyancing in Grantham