In what way does my ID and proof of funds have anything to do with my conveyancing in Penzance? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Penzance conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing where you live.
In accordance with Money Laundering Regulations, property lawyers are duty bound to investigate not only the identity of conveyancing clients but also the origin of the money that they receive in respect of any matter. Refusal to disclose this will lead to your conveyancer ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to make a disclosure to the appropriate authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
I am purchasing a new build house in Penzance with a mortgage from Accord Mortgages Ltd. The builders would not reduce the amount so I negotiated £7000 of extras instead. The sale representative suggested that I not inform my lawyer about the side-deal as it would impact my mortgage with Accord Mortgages Ltd. Should I keep quiet?.
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 leasehold apartment up to £305k and identified one round the corner in Penzance I like with open areas and station nearby, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Penzance suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage the remaining unexpired lease term will likely be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
Am I right to be wary by estate agents that I am dealing with are encouraging me to use an online conveyancing firm rather than a High Street Penzance conveyancing firm?
As with many professional services, often suggestions from family and friends can be extremely useful or valuable. Yet there are numerous parties with a vested interest in a conveyancing deal; estate agents, mortgage brokers and mortgage companies might all put forward solicitors to instruct. Sometimes the conveyancers might be known to one of the organisations as experts in their field, but occasionally there may be a financial incentive behind the endorsement. You are at liberty to appoint your own lawyer. Don't forget that most banks specify a panel list of conveyancers you are obliged to use for the lender aspect of your house move.
Are there common problems that you witness in leases for Penzance properties?
There is nothing unique about leasehold conveyancing in Penzance. Most leases are drafted differently and legal mistakes in the legal wording can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
Maintenance charge proportions which don’t add up to the correct percentage A provision to repair to or maintain parts of the premises
You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Virgin Money, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.
I invested in buying a split level flat in Penzance, conveyancing formalities finalised August 2005. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Penzance with a long lease are worth £260,000. The ground rent is £45 invoiced every year. The lease runs out on 21st October 2095
With just 74 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.