In what way does my ID and proof of funds have anything to do with my conveyancing in Lyme Regis? Why is this being asked of me?

To satisfy the Money Laundering Regulations any Lyme Regis conveyancing firm will require proof of identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility bill showing your correct address.

In accordance with Money Laundering Regulations, conveyancers are duty bound to validate not simply the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. Refusal to disclose this will result in your conveyancer cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.

Your conveyancers are duty bound to notify the relevant authorities should they believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.

I am purchasing my first flat in Lyme Regis with a loan from Halifax. The builders would not move on the price so I negotiated £7000 of additionals instead. The property agent told me not inform my solicitor about the side-deal as it may jeopardize my loan with the lender. Is this normal?.

All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

I am looking for a ground for flat up to £245,000 and identified one near me in Lyme Regis I like with amenity areas and station in the vicinity, the downside is that it's only got 52 years on the lease. I can't really find anything else in Lyme Regis suitable, so just wondered if I would be making a mistake purchasing a short lease?

If you require a mortgage that many years will be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.

I am a sole trader planning to take over a lease of a shop on a shopping parade. Can you recommend solicitors offering competitive fees for non-domestic conveyancing in Lyme Regis for less than 1500k?

We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Lyme Regis, including the disposal and acquisition of businesses as well as simply property. If you are looking to buy or lease a shop, pub, restaurant, office, retail unit or a whole business we can find you the right firm. As for the charges these will vary based on the structure and heads of terms of the proposed transaction. Let us have your contact information or call so as to enable us to supply you with comprehensive commercial conveyancing calculation.

What makes a Lyme Regis lease unacceptable for security purposes?

Leasehold conveyancing in Lyme Regis is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

Service charge per centages that don't add up correctly leaving a shortfall Insurance obligations

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Leeds Building Society, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.

Leasehold Conveyancing in Lyme Regis - A selection of Queries Prior to Purchasing

For most Lyme Regis leaseholds the cost for major works are not included within maintenance charges, although some managing agents in Lyme Regis ask tenants to pay into a reserve fund and this is used to offset against major works. It would be wise to find out as much as you can about the company managing the block as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to every day matters like the tidiness of the common parts. Enquire of other tenants if they are happy with them. Finally, investigate as to the dates that you are obliged pay the service charge to the managing agents and precisely what you get for your money. The prefered form of lease arrangement is where the freehold reversion is owned by the leaseholders. In this arrangement the lessees have control and even though a managing agent is often retained if the building is larger than a house conversion, the managing agent retained by the leaseholders.