My husband and I are getting closer to an exchange on a house in Halkyn and my parents have transferred the exchange deposit to my conveyancer. I am now informed that as the deposit has been sent from someone other than me my lawyer needs to disclose this to my bank. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I advised the lender concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your solicitor is legally required to clarify with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your bank if you agree, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Halkyn? What am I being asked for?
To satisfy the Money Laundering Regulations any Halkyn conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility account showing where you reside.
Under Money Laundering Regulations, property lawyers are obliged by law to ascertain 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 may result in your solicitor ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to make a disclosure to the relevant authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
We are close to exchanging contracts on the sale of our home in Halkyn and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. Any high street Halkyn conveyancer would know that there is no such problem. It does beg the question why the buyers instructed an online conveyancing practice as opposed to a conveyancing solicitor in Halkyn. Having lived in Halkyn for many years we know that this is a non issue. Do we contact our local Authority to get clarification need.
It sounds as though you may have a conveyancing firm currently acting for you. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I am looking for a flat up to £195,000 and identified one near me in Halkyn I like with open areas and railway links in the vicinity, the downside is that it's only got 52 years on the lease. I can't really find anything else in Halkyn suitable, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage that many years will likely be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
I work for a reputable estate agent office in Halkyn where we have witnessed a number of flat sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Halkyn conveyancing solicitors. Could you clarify whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease 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. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, 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.
I am the registered owner of a leasehold flat in Halkyn, conveyancing having been completed April 1995. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Halkyn with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease terminates on 21st October 2084
With only 65 years unexpired the likely cost is going to span between £13,300 and £15,400 as well as plus your own and the landlord's "reasonable" 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 without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.