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

Monmouth conveyancing solicitors as well as nationwide property lawyers accross the UK have an obligation under money laundering regulations to check the ID of any client with a view to satisfy themselves that clients are who they say they are.

Conveyancing clients are required to produce two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and evidence of address (typically a Utility Bill less than 3 months old).

Evidence of source of monies is also necessary in compliance with the money laundering regulations as lawyers are required to check that the money you are utilising to buy a property (be it the exchange deposit or the full purchase amount if you are buying mortgage free) has originated from a reputable source (such as employment savings) as opposed to the product of illegitimate activity.

My brother-in-law has suggested I instruct a conveyancing solicitor in Monmouth. I I am struggling to find out if they are on the Accord Mortgages Ltd conveyancing panel. Can you advise?

The first thing to do is e-mail the solicitor and enquire whether they are on the lender panel. Otherwise you can get in touch with Accord Mortgages Ltd who may be able to assist.

A friend advised me that if I am purchasing in Monmouth I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. What does it cover?

A search of this type is usually quoted for as part of the standard Monmouth conveyancing searches. It is not a small document of about 40 pages, listing and setting out important information about Monmouth around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information about Monmouth.

The deeds to my property are lost. The conveyancers who dealt with the conveyancing in Monmouth 10 years ago no longer exist. What are my next steps?

As long as the title is registered the details of your proprietorship will be evidenced by the Land Registry with a Title Number. It is possible to conduct a search at the Land Registry, locate your property and order up to date copies of the Registered Entries for a small fee. If the title is Leasehold then the Land Registry will in most cases retain a file duplicate of the Registered Lease and again, a copy can be ordered for £20 inclusive of VAT.

Do you have any top tips for leasehold conveyancing in Monmouth from the point of view of saving time on the sale process?

• Much of the frustration in leasehold conveyancing in Monmouth can be reduced where you instruct lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the buyers’ lawyers.
You may think that you are aware of the number of years left on your lease but you should double-check via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 80 years. It is therefore important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. Some Monmouth leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Monmouth leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord consenting to such changes. Where you dont have the approvals in place you should not contact the landlord without checking with your lawyer first. Many landlords or managing agents in Monmouth charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Monmouth.

I bought a garden flat in Monmouth, conveyancing formalities finalised April 2010. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Monmouth with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease finishes on 21st October 2095

With 69 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 as well as legals.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.