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

Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing instruction. The Terms and Conditions that you need to sign should confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. If you refuse to hand over ID verification documents, your solicitor would not be able to act for you.

The estate agent has sent us the confirmation of our purchase of a new build apartment in Penarth. 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 legal work.

Here is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Penarth

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. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please provide evidence that the form of Lease proposed has been approved by the Land Registry.

Over the last few months I have been searching for a leasehold apartment up to £305k and identified one near me in Penarth I like with open areas and transport links nearby, however it's only got 52 remaining years left on the lease. I can't really find anything else in Penarth suitable, so just wondered if I would be making a grave error buying a lease with such few years left?

Should you need a mortgage that many years will likely be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.

What advice can you give us when it comes to appointing a Penarth conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a property lawyer for lease extension works (regardless if they are a Penarth conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Penarth conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be helpful:

What are the charges for lease extension work? Can they put you in touch with clients in Penarth who can give a testimonial?

I acquired a studio flat in Penarth, conveyancing formalities finalised in 2010. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Penarth with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ends on 21st October 2092

With only 68 years remaining on your lease we estimate the price of your lease extension to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.

I have recently placed an offer on a leasehold flat in Penarth and the mortgage adviser that we are using recommended his conveyancing practitioner. They quoted £1000 plus VAT and 3rd party costs. Does this sound steep?

Don't just go on one estimate. You should obtain like-for-like quotes for your conveyancing in Penarth. Then pick one that you trust and just as important, is on the approved panel of the mortgage company that you are sourcing your mortgage from.