What does my ID and proof of funds have anything to do with my conveyancing in Ongar? What am I being asked for?
To satisfy the Money Laundering Regulations any Ongar 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 bill evidencing where you live.
In accordance with Money Laundering Regulations, property lawyers are required to check not simply the ID of conveyancing clients but also the origin of monies that they receive in respect of any matter. An unwillingness to disclose this will lead to your solicitor terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to notify the relevant authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.
I need some expedited conveyancing in Ongar as I am faced with an ultimatum to exchange contracts inside 2 weeks. A mortgage is not required. Can I avoid the conveyancing searches to save fees and time?
As you are are a mortgage free purchaser you have the choice not to have searches conducted although no conveyancer would recommend that you don't. Drawing on our experience of conveyancing in Ongar the following are instances of what can appear and adversely impact future mortgageability: Enforcement Notices, Overdue Charges, Overdue Grants, Railway Schemes,...
The estate agent has sent us the confirmation of our purchase of a new build apartment in Ongar. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Ongar
There must be mutual enforceability of lessee’s covenants. Forfeiture - bankruptcy or liquidation must not apply under this provision. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
Due to the guidance of my in-laws I had a survey completed on a house in Ongar prior to appointing conveyancers. I have been told that there is a flying freehold element to the house. Our surveyor has said that some lenders tend refuse to grant a loan on this type of premises.
It varies from the lender to lender. Bank of Scotland has different requirements from Birmingham Midshires. If you contact us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Ongar. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ongar to see if the conveyancing costs will increase in light of this.
I am attracted to a couple of flats in Ongar which have about forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Ongar is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of buyers and banks, leases with less than 75 years become less and less attractive. On a more upbeat 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 residence 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 Ongar 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.
I purchased a ground floor flat in Ongar, conveyancing was carried out in 1995. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Ongar with an extended lease are worth £185,000. The ground rent is £65 per annum. The lease comes to an end on 21st October 2081
With 60 years unexpired the likely cost is going to be between £20,000 and £23,000 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered 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.