What does my ID and proof of funds have anything to do with my conveyancing in Leicestershire? Why is this being asked of me?
Leicestershire conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to check the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to produce two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and evidence of address (typically a Utility Bill no more than three months).
Evidence of the origin of monies is also required in compliance with the money laundering regulations as solicitors are obliged to ensure that the monies you are using to acquire a property (whether it be the deposit for exchange or the full purchase monies where you are buying without a mortgage) has originated from legitimate source (such as employment savings) and is not the fruits of criminal behaviour.
How does conveyancing in Leicestershire differ for new build properties?
Most buyers of new build or newly converted property in Leicestershire contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is completed. This is because developers in Leicestershire typically buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Leicestershire or who has acted in the same development.
I am looking for a flat up to £195,000 and identified one round the corner in Leicestershire I like with amenity areas and station in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Leicestershire in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage that many years will be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I am looking at a couple of apartments in Leicestershire both have approximately forty five years remaining on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the value of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this area.
Leicestershire Leasehold Conveyancing - Examples of Queries before buying
The prefered form of lease structure is a share of the freehold. In this arrangement the lessees enjoy being in charge if their destiny and even though a managing agent is often retained if the building is bigger than a house conversion, the managing agent retained by the leaseholders. What prohibitions are there in the Leicestershire Lease? Does this lease have in excess of 80 years unexpired?
At what point do I pay stamp duty payable for my house transaction in Leicestershire?
Your conveyancing practitioner should complete a Land Transaction Return Form for you as part of your Leicestershire purchase transaction for signature. After completion your conveyancer will submit the Land Transaction Return Form to the Inland Revenue and - as long as they have the funds - settle any Stamp Duty due on your behalf.